Citigroup CEO Would Rather Not Know What Failure of His Bank Would Look Like


People find ways of psychologically adjusting to the everyday threats their world presents. The residents of Los Angeles aren't constantly thinking, "Oh, my God, I am living over a crack in the earth that could rupture any second!" There's only a couple dozen people who shout, "We're all going to die eventually!" at strangers on the New York City subway every day. And Citigroup CEO Vikram Pandit doesn't like to dwell on the fact that the financial institution he presides over is gargantuan, unwieldy, and approximately as stable as a beer can castle at a frat house, according to the latest report from TARP investigator Neil Barofsky:

Pandit said “he did not know what the systemic effects of a Citigroup failure would be, and, essentially, that no one wanted to find out,” according to the report. “We saw what happened with Lehman, and we’re a lot bigger than Lehman,” Pandit told Barofsky.

No point dwelling on the negative!

Citigroup Executives Griped About `Take-It-Or-Leave-It' Bailout [Bloomberg]