Officials Said Discussed Possibility Of Replacing Pandit
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The newspaper quotes an unnamed 'person familiar with the matter', who said: 'It is unthinkable that Vikram Pandit could stay on if Citi requires more federal funds. It is prudent to be thinking about different scenarios'.
And this report comes as Bloomberg says that the US Treasury has estimated that it has incurred $900m in losses as at the end of 2008 on the $301bn in Citi assets that the US government is guaranteeing.
In the meantime, Pandit was busy telling shareholders at the firm's annual meeting Tuesday that Citi will repay 'every dollar' it has borrowed from the US government. He also said that he would be there to see that task through.
Finally, as The Financial Times reports that America's largest banks will only be allowed to repay their TARP borrowings if the US government deems it is in the national interest to do so. And US Treasury Secretary Tim Geithner told The Wall Street Journal: 'We want to make sure that the financial system is not just stable, but also not inducing a deeper contraction in economic activity. We want (the banks) to have enough capital that is going to be able to support recovery'. Geithner also told a Congressional Oversight Panel Tuesday that the 'vast majority' of US banks have more capital than they need.
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