Friday, January 16, 2009

Citi - Fall of a giant -Example of executive greed

Problems Citi face, as I read in articles, is because of the greed shown by its executives. Making profits and pocketing huge bonuses by excessive risk taking. If this is the best capitalism can give, I think we need more regulation not less regulation. I would like to know how less regulation can regulate this greed and living to the moment attitude shown by these executives.

The damage brought on the world by these criminals, that brought the financial industry down and along with lives of millions around the world, is higher than what Osama Laden could do to the world.

These capitalist criminals need to be punished.

I wonder how Citi split will affect Indian IT industry. How do I find which all Indian IT players are doing business with a company, for example Citi, and the percentage revenue coming from that client? Does IT companies publish these information to stock market?

It is time Vikram Pandit and other Citi executives be punished. There should be some accountability for these executives for the damage they did to the financial industry by their excessive risk taking. If these executives are not punished it will lead to moral hazard.

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