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John Reed, the financier who helped engineer the creation of Citigroup (NYSE: C) has a message for investors and taxpayers who are none-to-pleased with his track record of value destruction: My bad!

In an interview with Bloomberg, Reed said "I'm sorry. These are people I love and care about. You could imagine emotionally it's not easy to see what's happened."

He also advocated splitting Citigroup and similar banks into smaller parts to lessen their ability to torpedo the broader economy.

Continue reading John Reed on the Citigroup fiasco: 'Sorry' is the easiest word

John Reed on the Citigroup fiasco: 'Sorry' is the easiest word originally appeared on BloggingStocks on Fri, 06 Nov 2009 10:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>CCitigroupinthenewsJohn ReedFri, 06 Nov 2009 10:40:00 EST<![CDATA[Will Robert "No Operational Responsibilities" Rubin chair Citigroup?]]>http://www.bloggingstocks.com/2007/11/04/will-robert-no-operational-responsibilities-rubin-chair-citigr/http://www.bloggingstocks.com/2007/11/04/will-robert-no-operational-responsibilities-rubin-chair-citigr/http://www.bloggingstocks.com/2007/11/04/will-robert-no-operational-responsibilities-rubin-chair-citigr/#commentsFiled under: , , ,

The New York Times reports that Citigroup Inc. (NYSE: C) may make Robert Rubin Chairman until it can find a CEO. This temporary solution is analogous to what Merrill Lynch & Co. (NYSE: MER) did by making Alberto Cribiore, a director, its interim non-executive Chairman.

Rubin, who has made $150 million at Citigroup since he left the Treasury Department eight years ago, has traded a sterling reputation at Goldman Sachs Group (NYSE: GS) and Treasury for a nice chunk of change at Citigroup. Unfortunately for him, making bank at Citigroup has tarnished his reputation -- despite his efforts to distance himself from Citigroup's problems. Meeting with clients and walking around without shoes offering advice -- known in his contract as "no operational responsibilities" -- does not seem to have buffed Rubin's reputation.

If the New York Times is correct, it remains to be seen how Rubin's role will change. It could be that his primary job will be to take the lead on recruiting Prince's successor. Will he take on an interim non-executive Chairman's role like Cribiore? I imagine he'll seek to evade legal responsibility for Citigroup's problems. Otherwise, he could end up spending more time than he'd like dealing with shareholder lawsuits.

Continue reading Will Robert "No Operational Responsibilities" Rubin chair Citigroup?

Will Robert "No Operational Responsibilities" Rubin chair Citigroup? originally appeared on BloggingStocks on Sun, 04 Nov 2007 09:37:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>CitigroupEuronextGoldman SachsGSinthenewsJohn ReedJohn ThainMERMerrill LynchRobert RubinSun, 04 Nov 2007 09:37:00 EST