Reshuffling the Crew on the Citigroup Titanic

January 22, 2009

True to form for a company that has proven itself consistently too late and too slow, Citi’s board is now moving backwards with the choice of its new chairman, Richard D. Parsons. 

Mr. Parsons is part of the old guard and has been a director since 1996.  He is among the crew that missed more red flags than are on an admiral’s ship and has presided over the obliteration of billions in share value.

What Citi needs is new people and bold action to steer it into prosperity.  That begins with Citigroup’s directors.  Rearranging the crew on the Titanic after it hit the iceberg would not have done much to avoid the impending calamity.   Citigroup and its board have repeatedly managed to hit one iceberg after another over the past several years.  Reshuffling its current directors isn’t likely to have any better outcome.

in $700 Billion Bailout,Board of Directors,Citigroup,Corporate Governance,Hot Issues,Panic on Wall Street/Outrage on Main Street,Subprime Meltdown,Wall Street and Main Street,Wall Street Bailout

{ 1 comment… read it below or add one }

1 Pat R., Boston, MA July 15, 2009 at

Red Flags dismissed are not negligence but a preference/favoritism for who wins and who loses by those feeling privileged to make the call.

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