Home > #OWS, finance > Vikram Pandit: let’s talk

Vikram Pandit: let’s talk

February 28, 2012

Here’s the coverage from Business Insider.

Here’s the letter (also posted on Naked Capitalism):

Dear Mr. Pandit,

Last October, in an interview with Fortune Magazine, you extended an invitation to Occupy Wall Street for a face-to-face meeting. The Alternative Banking Group, an official working group of Occupy Wall Street, hereby accepts.

As CEO of Citigroup, you recently announced “a new Citi.” You said that you are now “working hard to create a culture of responsible finance.” Our mission as the Alternative Banking Group is exactly the same. We look forward to a fruitful dialogue.

Since this conversation is of importance to the general public, we will have a small camera crew with us to document it. The video will be shared on the websiteoccupy.com, an emerging media platform for the Occupy movement.

Please respond to this email at your earliest convenience to schedule a time and place.

Sincerely,
Cathy O’Neil
Facilitator
The Alternative Banking Group
Occupy Wall Street

Please comment with questions we can ask Vikram if he accepts our offer.

Categories: #OWS, finance
  1. February 28, 2012 at 10:23 pm

    On the issue of the pending mortgage settlement…

    Given what was at stake for them, I would assume that Citibank and/or their representatives participated in the discussions leading to the settlement. Is that correct? Again, given what was at stake for them, I would assume that Citibank performed careful analysis of the impact of various possible outcomes of those discussions–after all, not to do so would be grossly irresponsible. Is that correct?

    Granting both of those assumptions, Citibank will have determined the impact on their net capital of being forced to mark their mortgage holdings, especially second liens, to market. What would that impact be? If that doesn’t happen–and everything we know about the settlement suggests it hasn’t–to whom are the losses in underlying housing value being charged?

    In other words, given the precipitous drop in home values and the high levels of mortgage default, someone is losing a lot of money on mortgages and mortgage-backed securities. If it is Citibank, can they absorb those losses and remain solvent? If it isn’t Citibank, who’s absorbing those losses on their behalf?

  2. S. Carnahan
    February 29, 2012 at 10:21 am

    I suppose a first step would be to ask what specific, concrete changes he plans to make (both at Citi itself, and with respect to interactions with other banks, legislators, and regulators), in order to “create a culture of responsible finance”. As an example on the legislative front, you might ask about how they think the Volcker rule and other proposed regulations can be improved, and what they plan to do to facilitate such changes.

  3. March 2, 2012 at 3:17 pm

    You wrote that letter? You’re full of win mathbabe

    Will he support and fully cooperate with FBI investigations of crime within Citigroup?

    Will he STRONGLY support & advocate to the Obama Administration to hire William K. Black to head the investigation?

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