Bob Rubin supposedly has or will be submitting his resigntion according to an unnamed WSJ source. Whether it was forced / encouraged (as we suspect) or not forced, it's about time.
Addendum:
CNBC is reporting that it's a done deal, quoting from his resignation letter.
Tags: Citigroup, Robert Rubin
Predictably, Citigroup CEO Vikram Pandit and Chairman Win Bischoff will be "forgoing" their bonuses this year according to a Pandit memo to the troops. As if they really had a choice given the billions in taxpayers' money that's been injected into the loss-gushing firm. Bob Rubin also "declined" a bonus, but that's old news. Senior leadership committee members will be getting less than last year. As for future bonuses, a clawback is being adopted:
The bank will institute a “clawback” policy to recoup executive compensation based on financial reporting that is later shown to be inaccurate, Pandit said.
Exit pay will be restricted and “the five senior executives whose compensation is listed in our proxy statement no longer can receive severance,” said Pandit, who became Citigroup CEO in December 2007. Those affected executives are Pandit, Bischoff, Chief Financial Officer Gary Crittenden and Vice Chairmen Lewis Kaden and Stephen Volk, Hanretta said in an e-mail.
Citigroup CEO Pandit, Chairman Bischoff Forgo Bonuses – Bloomberg
Tags: Citigroup, Credit Crunch, Robert Rubin
According to NY Times sources, both JP Morgan's Jamie Dimon and Citigroup's Bob Rubin won't be looking for bonuses this year. While we suspect that there's not a whole lot of sympathy for Rubin given Citi's horrendous performance not to mention all of the criticism that's been thrown at him for how much he's been paid (and perhaps over paid) in the past, we can't help but feel for Jamie Dimon who seems to be getting the short end of the stick in the deal.
Banks Try New Ways to Handle Bonuses – NY Times
Tags: Bonuses, Citigroup, Compensation, Jamie Dimon, JPM Chase, Robert Rubin
Even the beleaguered Bob Rubin won't accept one. Meanwhile, Citi is the subject of a lawsuit — which was actually filed last year, but was recently amended — in what the NY Post describes as "a new Citigroup scandal engulfing Robert Rubin and his former disciple Chuck Prince"….
Tags: Chuck Prince, Citigroup, Credit Crunch, Lawsuit, Robert Rubin
We apparently weren't alone in our amazement that Bob Rubin still had a job at Citigroup. This morning the NY Post wonders the same and also takes aim at the board of directors in a pointed cover and editorial entitled: "Negligent Bank board must quit". There's a nice graphic of how the directors have been richly compensated:
Tags: Citigroup, Credit Crunch, Robert Rubin
No one has ever been able to explain to us exactly what former Treasury Secretary Bob Rubin does at Citigroup in exchange for that $10-15 million a year compensation he's said to have been receiving. This weekend's NY Times paints a picture suggesting that Rubin was very involved in upping Citi's risk profile which led it to its current sorry state. If that's true, and he was an architect of the money sucking mess known as Citigroup, why isn't he history? Why does he still have a job?
Tags: Citigroup, Credit Crunch, Fed, Robert Rubin
Tags: Charlie Rose, Robert Rubin
Too little, too late….
In an interview with the Financial Times,
Mr Weill said he and the board should have fostered competition among Citi’s
top managers for the chief executive post rather than handing the job to Mr
Prince.The technique has been used by large
companies such as General Electric, which selected Jeffrey Immelt as Jack
Welch’s successor after a race with two other executives.Mr Weill did not mention Mr Prince by name
but said: “I certainly have responsibility for working with the board in
devising a plan of succession and I would not give myself very good grades on
that. At the time, I thought I was doing the right thing but it did not turn out
to be, did it?
Tags: Chuck Prince, Citigroup, Robert Rubin, Sandy Weill
Or was Alan Schwartz just plain dissed at a luncheon hosted by Ben Bernanke and attended by most every other Wall Street BSD? Or maybe he was invited and was just too busy trying to put out fires on the home front. In any case, Bernanke hosted one hellofa gathering (click on picture to enlarge)….
Federal Reserve Chairman Ben S. Bernanke
lunched on March 11 with a Who’s Who of Wall Street leaders, including JPMorgan
Chase & Co.’s Jamie Dimon, three days before the central bank rescued Bear
Stearns Cos. from bankruptcy.Other guests included Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein,
Lehman Brothers Holdings Inc. CEO Richard Fuld, Morgan Stanley President James
Gorman, Citigroup Inc.’s Robert Rubin, Blackstone Group CEO Stephen Schwarzman
and Merrill Lynch & Co. CEO John Thain. Alan Schwartz, the CEO of Bear
Stearns, was not listed among the attendees.
Tags: Alan Schwartz, Bear Stearns, Ben Bernanke, Bruce Kovner, Dick Fuld, Fed, Goldman Sachs, Jamie Dimon, John Thain, JPM Chase, Lloyd Blankfein, Morgan Stanley, Robert Rubin
Citigroup has been roundly criticized recently by some of its largest shareholders, including Saudi Prince Alwaleed bin Talal, for letting expenses run amuck. Perhaps as a signal that the company is beginning to address its costs, Robert Rubin, chairman of the company’s executive committee, is now going to be paying for his private use of the company jet….
Tags: Citigroup, Robert Rubin
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