Pandit, other top US bankers to defend use of bailout funds

October 8th, 2009 WASHINGTON - An outside review of Citigroup Inc.'s management team has concluded that it is generally in good shape and awarded strong overall marks in particular to the banking giant's Indian American CEO Vikram Pandit, according to a media report. The review, conducted this summer for Citigroup's board by recruiting and consulting firm Egon Zehnder International, however suggested that some shuffling of senior executives might be needed, the Wall Street Journal reported Wednesday citing people familiar with the matter.

July 28th, 2009 WASHINGTON - Citigroup Inc's Indian American chief executive Vikram Pandit says he hopes to continue expanding the bank's business in the two biggest engines of growth in Asia, China and India, despite tough local restrictions. The bank wouldn't retreat from fast-growing Asian businesses even as the financial crisis has forced it to shrink its balance sheet by about 25 percent, he told Wall Street Journal in an interview at Citigroup's Hong Kong headquarters Monday.

July 21st, 2009 Obama notes lack of humility among bankersWASHINGTON — President Barack Obama says he sees a lack of humility among leaders of the financial community. While noting that some of the nation's most powerful banks had repaid federal bailout money, Obama said: "What you haven't seen (in the financial sector) is a change in culture, a certain humility where they kind of step back and say gosh, you know, we really messed things up." Obama was asked in an NBC's "Today" show interview about bonuses paid to those in the financial sector after the federal government had to step in with taxpayer money to prevent the system from collapsing.

June 17th, 2009 10 large US banks to repay $68B in TARP fundsWASHINGTON — Ten large U.S. banks are planning to repay the government about $68 billion in bailout money Wednesday, a pair of industry officials say.

May 13th, 2009 Geithner: Bailout repayments will broaden programWASHINGTON — The Obama administration will use bailout money repaid by large banks to provide additional capital infusions to community banks, Treasury Secretary Timothy Geithner said Wednesday. In remarks to an association of community bankers, Geithner also said the administration is moving forward with plans to streamline financial rules as part of a broader overhaul to be unveiled in the next several weeks.

April 29th, 2009 WSJ: Citi asks Treasury if it can pay bonusesNEW YORK — Citigroup Inc., which has received $45 billion in federal bailout funds and potentially could have to raise more capital based on "stress test" results, is requesting permission from the Treasury Department to pay out special bonuses to certain workers, The Wall Street Journal said late Tuesday. Banks that have accepted federal bailout funds are subject to greater government scrutiny and limits on how much they pay their top executives.

April 16th, 2009 NEW DELHI - A man on his deathbed doesn't lie, they say. So a Lok Sabha aspirant from Uttar Pradesh came on a bier to file his nomination and make the point that he would keep his promises to voters.

April 2nd, 2009 LUCKNOW - A legislator of the Bahujan Samaj Party (BSP) has been booked for threatening people and a police officer during an election meeting in Uttar Pradesh, an official said Thursday. Guddu Pandit, a lawmaker from Dibai in Bulandshahr, has allegedly threatened people to vote in favour of his brother Mukesh Sharma, who is BSP's Lok Sabha candidate from the Baghpat constituency.

March 17th, 2009 WASHINGTON - Vikarm Pandit, the Indian American CEO of Citigroup, received a 2008 compensation valued at $10.8 million, the ailing bank that got billions of dollars in federal aid has disclosed. New York-based Citi disclosed in a regulatory filing Monday that Pandit, who said late last year he plans to take just $1 a year in salary until the bank returns to profitability, received $958,333 in salary last year, up from the $250,000 he received in 2007.

February 11th, 2009 WASHINGTON - Stung by criticism about use of billions of dollars in government aid, Citigroup's Indian American CEO, Vikram Pandit has vowed to take a token salary of $1 and no bonus until the ailing banking giant returns to profitability 'I get the new reality and I will make sure Citi gets it as well,' Pandit said Wednesday as lawmakers grilled top executives from eight of America's largest financial institutions about their apparent lack of willingness to lend despite collectively receiving $165 billion in capital. 'We will hold ourselves accountable for what we do, and that starts with me,' said Pandit, who collected a salary of $1 million last year.

February 10th, 2009 WASHINGTON - Facing criticism about their use of billions of dollars in government aid, top executives from eight of America's largest financial institutions, including Citibank's Indian American CEO Vikram Pandit, have asserted they are continuing to lend. At a closely watched hearing Wednesday before the House Financial Services Committee, Pandit said: 'American people are right to expect that we use funds responsibly, quickly and transparently to help American families, businesses and communities.

January 15th, 2009 WASHINGTON - The US Senate Thursday approved to release the remaining $350 billion of the $700 billion financial bailout package, clearing the way for a new infusion of cash for the financial industry. The request was approved by a vote of 52-42 after former Treasury secretary Larry Summers, who will be Obama's top economic adviser, promised that up to $100 billion of the remaining funds would be spent on tackling the US home mortgage crisis.

January 11th, 2009 AGRA - A man wanted for the murder of a youth leader of the Lok Janshakti Party (LJP) was Monday shot dead by the police here. Sanju Pandit was killed in a shootout when he was entering Agra.

January 4th, 2009 LUCKNOW - A man wanted in cases of murder, extortion and abduction was shot dead in a gunbattle with the police in Uttar Pradesh Monday, officials said. 'Sundar Pandit, who carried a reward of Rs.10,000 was shot dead in Muzaffarnagar district.

December 31st, 2008 WASHINGTON - Citigroup Inc.'s Indian American chief executive Vikram Pandit and chairman Win Bischoff would forego bonuses for 2008, the ailing banking giant announced as it formalised its bailout agreement with the US government. Bonuses for other top executives will be 'reduced substantially,' Pandit said in a memo to Citigroup employees Wednesday.