Word: boarded
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...Wall Street Journal reports that the Citi board has given CEO Vikram Pandit a vote of confidence. Even if the firm loses tens of billions of dollars this year, Pandit is getting that public support just the way his predecessor Chuck Prince did, right up until...
...Citi was former Treasury Secretary Robert Rubin. He is gone, but the problems he helped create are not. According to William Shakespeare, "The evil that men do lives after them; the good is oft interred with their bones." If that is true, almost no one on the bank board is likely to have a peaceful passing...
...announcements or rumors hit the media is Citi's lead director Richard Parsons, former CEO of Time Warner (TWX). He may take Bischoff's place as Citi chairman but he did not do a bang up job at the media company. He has also been sitting on the Citi board during most of the period when the decisions were made that nearly brought the bank down. It would be hard to defend the position that he is blameless...
...through a period when it is important for the government, which loaned the bank money, and investors, who lost most of theirs, to see someone humiliated for the company's missteps. That is a fine way to focus on the past but not on the future. That means the board is compounding its mistakes by continuing to take its eye off the real problems...
...Alitalia is losing much more than its artwork. On Monday afternoon, the board of Air France-KLM approved a deal to acquire a 25% stake in the Italian carrier for $414 million. Linking up with another major foreign airline was widely considered the only way that Alitalia could survive following years of cost overruns, labor unrest and political meddling that has led to more than $3 billion in state aid since 1998. (See pictures from Italy...