Friday, March 05, 2010

Pandit's Folly.


According to Vikram Pandit, CEO of Citibank, the bank's woes had nothing to do with excessive leverage, a collapse in lending standards and a nearly suicidal appetite for risk. No sir. The problem is that short-sellers took advantage of a market seizure for their own nefarious purposes. I doubt Mr. Pandit believes a word of this. Certainly no one else does.