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Downfalls

Is Vikram Pandit Finished?

Vikram Pandit’s Citigroup has cost the  United States, so far, billions of bailout dollars. Should the CEO get to keep his job? According to The Wall Street Journal, the board is still backing him. "We have confidence in the current management and leadership of Vikram," said Richard Parsons, a Citigroup board member and former Time Warner CEO. A Citigroup spokeswoman, however, refused to comment, which is, according to Felix Salmon, a sign that Pandit is in the fourth level of “CEO hell”— "when the corporate flacks, who are typically the staunchest of the palace guard, refuse to comment instead of denying the fragility of their CEO's job.”

January 12, 2009 1:41 AM