by Calculated Risk on 4/21/2009 12:22:00 PM
Tuesday, April 21, 2009
Citi CEO: Citi Will Repay TARP
From Bloomberg: Pandit Says He’ll Repay ‘Every Dollar’ of TARP Funds
Citigroup Inc. Chief Executive Officer Vikram Pandit, speaking at the company’s annual shareholder meeting, said he will repay “every dollar with interest” of funds received [from TARP].More from the WSJ:
Citigroup Chief Executive Vikram Pandit struck a positive, even hopeful tone, at the embattled banking giant's annual meeting, insisting that it is well prepared for success in an economic recovery.Remember Pandit took over in December 2007, not long after Chuck - “As long as the music is playing, you’ve got to get up and dance. We’re still dancing.” - Prince resigned.
In his review of Citi's 2008, Pandit said, "The vital signs of Citi are improving." He predicted Citi will have "strong operating leverage" going forward once the economy recovers.