Citi CEO strikes conciliatory tone
By Amy Scott
Kai Ryssdal: If you wanted to pick one big Wall Street bank to symbolize all that is wrong with big banks, you could do worse than picking Citigroup. Citi, of course, got one of the biggest slices of taxpayer cash during the financial crisis. The U.S. government remains its largest shareholder, which helps explain why the federal panel that's keeping an eye on the TARP — that is the Congressional Oversight Panel — turned its attention to Citigroup today.
Scott Tangney is with the financial services PR firm Makovsky and Company. He says these hearings are an important platform for bank chiefs.
SCOTT TANGNEY: The current situation demands that they be politician, charmer, as well as a great spokesperson for their company.
Citigroup, like other banks, has paid back TARP money. But the government still owns a 27-percent stake in the bank.
Analyst Jamie Peters with Morningstar says that may explain Pandit's conciliatory tone. But she says he's doing something right...
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