Humilation for Citigroup's (C) Pandit

Citigroup (NYSE: C) CEO Vikram Pandit was a famous hedge-fund manager. After Citi bought his company, he was in a position to move into the top job. It is lucky he was moved into the corner office months ago as one of the funds Citi picked up from the company he sold them is being closed.

According to The Wall Street Journal, "Mr. Pandit personally reaped at least $165 million when Citigroup bought Old Lane in July 2007." Nice work if you can get it.

The news may say little about Pandit's money management skills as he has been away from the running of the fund, Old Lane, for some time. It does, however, put the spotlight on him once again at a time when his ability to run Citi is being questioned by the company's shareholders.

Pandit was brought in as an agent of change, no matter how awful and overused that term is. So far, he has done absolutely nothing to deserve that description. Yesterday, Citi stock fell below $20 for the first time since March. Investors had hoped he would begin to sell of some of the bank's less critical assets to build the the capital base of the firm.

Instead, he has acted pretty much the same as his predecessor Chuck Prince. The share price points to that.

Douglas A. McIntyre is an editor a 247wallst.com