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Citibank, a general Counsel and CDO trading

Citigroup announces that it will pay back $20 billion to government

While I can still defend greed as it forms a basis of capitalist society, Citibank and AIG (Financial Products’) Teams have really shown how deals must not be done in the Financial world. While seemingly simple statements from Tom Mahera ( AM) who himself left ‘Invetsment Bankign’ for just a more intensive ‘Bond Trading’ in his career never bothered to assess his portfolio, the entire market has been surviving these last two years on quick assessments on spreadsheets by the same dozen analysts used in each bailout from the first one s with FDIC and Sheila Bair at Lehman ( which just dropped off the chart while others got the dole) , AIG, Morgan Stanley, AIG, GE, GMAC which borrowed again in 2009 and the FDIC candidates thru Wachovia, WaMu and Citi itself.

Chuck may be all apologetic and Vikram Pandit may be surviving on $1, but it does not change the fact that the entire top team at citi than and even now has made it a habit of living life under a cloud, trying brinksmanship and cat and mouse games to cover financial knowledge.While AIG seemingly victimised by GS esp from the NY Times team of CDO and Insurance analysts (lol!) never seemed to have any idea of what it had in the bank, it seems Citi’s bond Traders and Hedge Fund Principals never bothered why CDO markets were falling apart . CDOs hapen to be sure fire indicators and much nearer the calamity date, so picking them up at the wrong time in end 2006 is like picking up your meat sandwich when it is already assured of a free knuckle sandwich side dish…

2 comments on “Citibank, a general Counsel and CDO trading

  1. Pingback: Tweets that mention Citibank, a general Counsel and CDO trading | The Banking and Strategy Initiative --

  2. Karen Cayamanda
    August 14, 2010

    I like the meat sandwich analogy. 🙂 Interesting post!


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This entry was posted on April 9, 2010 by in Amitonomics, Emerging Markets, Private Equity, Retail Lifestyle, Uncategorized and tagged , , .


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