Disgusting; U.S. Pisses Away $306b on Citigroup

Update: Vikram Pandit named CEO of Citigroup on December 11. Click here for details. 

Vikram Pandit is that rare Indian who has made it big within the stratospheric heights of the financial sector in New York.

A Mumbai native, Vikram Pandit is CEO of Citigroup’s Institutional Clients Group comprising of Citi Markets & Banking and Citi Alternative Investments.

There has been some speculation lately that Vikram Pandit could land the top job as CEO of Citi following Charles Prince’s recent departure amidst the bank’s disastrous exposure to sub-prime mortgages.

But others question whether Vikram Pandit has the necessary skills to run a financial behemoth that has 300,000 employees and operations in over 100 countries.

Vikram came to Citi in April 2007 when the bank acquired his multi-strategy hedge fund and private equity fund manager Old Lane for $800 million.

At the time of acquisition, Old Lane had $4.5 billion under management and private equity commitments.

Before forming Old Lane, Vikram was President and COO of Morgan Stanley’s institutional securities and investment banking business and a member of the firm’s Management Committee.

But Vikram had to leave Morgan Stanley in March 2005 after differences with former Morgan CEO Phil Purcell made his position untenable.

A PhD in Finance from Columbia University in 1986, Vikram also received an MS degree in 1977 and a BS degree in electrical engineering in 1976 from Columbia.

Vikram was in the news in September this year for his purchase of a 10-room apartment on Central Park West in Manhattan for a whopping $17.9 million. The apartment previously belonged to the late actor Tony Randall.

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  Vikram Pandit