Quotes of the day: Buiter on Citi

By Felix Salmon
November 30, 2009
April, Willem Buiter called Citigroup "a conglomeration of worst-practice from across the financial spectrum"; he followed up in June with a blog post entitled "Too big to fail is too big", in which he likened Citi's former chairman and CEO, Win Bischoff, to Ayatollah Ali Khamenei. Which maybe explains why there's no quote from Buiter himself in the press release announcing his arrival at Citigroup. Maybe they just thought it would be better to have him inside the tent pissing out.

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Back in April, Willem Buiter called Citigroup “a conglomeration of worst-practice from across the financial spectrum”; he followed up in June with a blog post entitled “Too big to fail is too big“, in which he likened Citi’s former chairman and CEO, Win Bischoff, to Ayatollah Ali Khamenei. Which maybe explains why there’s no quote from Buiter himself in the press release announcing his arrival at Citigroup. Maybe they just thought it would be better to have him inside the tent pissing out.

Comments
13 comments so far

If you cannot win against your enemies make them your friends and allies. If then you can recruit…

Mr. Buiter wrote of Citigroup: “a conglomeration of worst-practice from across the financial spectrum”.

Let’s see if he can “supervise” the inventors of Plutonomyas Global Equity Strategy!!! In his new movie, Michael Moore mentions the Citigroup document of 2005 on plutonomyHere:http://jdeanicite.typepad. com/files/6674234-citigroup-oct-16-2005- plutonomy-report-part-1.pdf

Maybe they just thought it would be better to have him inside the tent pissing out.They should consider that it’s a lot easier to piss in the tent from the inside.

Posted by TW Andrews | Report as abusive

Maybe they just thought it would be better to have him inside the tent pissing out.The C group boys have been too buy pissing themselves, maybe they thought Buiter could teach them how it’s supposed to be done.

Posted by dianeb | Report as abusive

Of course, Chief Economist is a famously unimportant position in megabanks — they’re props for clients and the media, and they generally don’t have any say whatsoever over what the bank actually does. But still, I’m surprised Citi would go with such a well-known “shoot first, ask questions later”-type economist. As a partially government-owned bank, I’d think Citi would want to play it safe for the time being.

I joined Citi for two reasons. First, because Citi is the one truly global bank. Second, because Citi is an institution that, following its challenges during the global financial upheaval of late 2008 – early 2009, changed course resolutely and radically to return to its core strengths: global commercial banking, financial infrastructure services and investment banking.The global scope of Citi’s activities and its presence in every systematically important asset market mesh very well with my long-standing interest in open economy macroeconomics and in the joint determination of economic activity, inflation and asset prices and rates of return.I am pleased, proud and honoured that this Citigroup has appointed me its Chief Economist.

Well Prof Buiter I do hope you can advise Citigroup how to become a “good bank” and when you sit in the Global Investment Committee you can explain how their plutonomy concept (basically inequality of income in the world) generated this financial crisis rather than being a simple global investment opportunity catering only for the richer.

From the shareholders point of view – including all the taxpayers who are very reluctant shareholders – we must hope that Willem Buiter will be able to target his aim on the key points inside the Citi tent.

Posted by Diversity | Report as abusive

It’s like what P. Obama did by putting former Fed Chairman Paul Volker in his Admin. Volker is respected as a credible economist who beat inflation. Too bad he is destroying his reputation by associating with a socialist tax and spender like P. Obama!

Posted by Bob | Report as abusive

this is nice
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Posted by Anonymous | Report as abusive

Pick me ???

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