Reuters reports that former Citigroup Inc. (NYSE: C) executives Todd Thomson -- who lost his job in January -- is talking back now that his nemesis, Chuck Prince, has been deposed.
Thomson, who headed up wealth management for Citigroup, got tossed in February. He thinks Prince smeared him -- citing his expensive office, which featured a fishbowl, and his reported flight of General Electric Co. (NYSE: GE) CNBC's Maria Bartiromo on Citigroup's corporate jet from Asia to New York. Here are two highlights:
- Maria-gate. Media reported that in November 2006 when Thomson flew with a group of Citigroup employees to China on a business trip, he flew back with Bartiromo, leaving the Citi employees to find their way home on their own. When asked about his relationship with Bartiromo, Thomson was adamant: "It's an inappropriate question. I've never been accused of having anything other than an appropriate relationship with Maria Bartiromo. And I do have an appropriate relationship with Maria Bartiromo."
- Fishbowl-gate. Thomson got grief for having a fishbowl in his Citigroup office. He pointed out that the fish tank had eight goldfish and one black fish, which is considered good luck in Chinese culture, in which eight is a lucky number. According to Thomson: "For me to have a small freshwater goldfish bowl in my office meant, when a Chinese client comes, 'this guy understands our culture a little bit.' If that gives me a little bit of a leg up with three or four Chinese billionaires, I think I've paid for the goldfish bowl."
Thomson does not know why he was canned from Citigroup but he was growing increasingly dissatisfied with Prince's management style, and should have just left on his own accord. I agree with his comment: "The advice I always give people is if you're not happy with what you're doing, go do something else. I didn't take my own advice."
I don't know what happened with Maria and Todd on the jet -- I guess it depends on the appropriateness of the use of the word appropriate -- but I think Todd offers a good justification for his office fishbowl. Unfortunately, none of this will help lift Citigroup's stock.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He owns Citigroup and GE securities.
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Reader Comments (Page 1 of 1)
11-07-2007 @ 5:27PM
Tattletale said...
I wonder if perhaps a married female could enlighten me as to what an appropriate relationship is between a married lady and a married man. When you are the woman accepting favors and gifts and jet transportation at terribly reduced rates paid by your employer........what are you then doing? Don't they have a name for that. I have been told by women in my lifetime about them having platonic relationships with men (both sides married)...I don't think so. If you have ever been part of such and arrangement....let me hear from you. Add your comments to the now renewed Mariagate.
11-07-2007 @ 5:01PM
Michael Davis said...
In my view Thompson made a big mistake by not having the other Citi execs on the ride home.. Ms. B made a huge mistake by accepting the ride without the others on board. Her choice shows a lack of judgement or perhaps an overabundance of ego. I wonder if Jeff would put up with the appearence of impropriety in his exec office?
11-08-2007 @ 12:33PM
randY said...
hey does anyone know about this?
ENTIRE CITIBANK BOARD BELIEVED TO HAVE BEEN ARRESTED
PROVOST MARSHAL MAY ARREST THREE U.S. PRESIDENTS TOO
http://www.worldreports.org/news/91_entire_citibank_boar
11-09-2007 @ 7:31AM
alphillips said...
Read the article.....watched the interview on Reuters.....don't believe a word.