It’s undeniable that Sallie Krawcheck is trending these days.Aside from dropping op-eds on the Wall Street Journal and Politico, the former banking executive has been tweeting up a storm and gained thousands of followers in the last week after she was featured in a certain top financial Twitters to follow and a Dealbook article about her social media activities.
But David Weidner at MarketWatch — who has a penchant for lashing out at everyone — isn’t a fan.
In a blistering column today, he calls out Krawcheck for being an opportunist, seizing the attention to frame herself as an advocate of investors and banking customers in an industry where she was once a high-flyer herself. Krawcheck was formerly chief executive of Smith Barney, CFO of Citigroup and head of Bank of America’s wealth management unit.
Krawcheck is a born-again reformer who’s trying to stay relevant with the public and the media by taking shots at the industry that made her rich and famous.
Whatever the story, Krawcheck in 140 characters or less, is breaking new ground again. She’s banging on the door to another old boys’ club, except this one includes such sullied figures as Henry Blodget, Richard Parsons and Eliot Spitzer.
All of them exited their Wall Street careers and then seemed to have epiphanies.
Weidner’s grievances with Krawcheck utilizes familiar topics when it comes to bankers—he mentions her former salary (usually in the $10 millions), that she once used up $34,300 of Citi’s company funds for travel, how much leverage Citi built up when Krawcheck worked there, and the fact that she does not list Bank of America or Citigroup in her online Twitter profile, using the lesser-ostracized Merrill Lynch and Smith Barney names.
What’s weird is that Weidner managed to snag a quote from Krawcheck, who presumably didn’t realise she was walking into a hit job.
From the column:
She told me, “Given my experiences in the industry — as research analyst covering the industry and manager within the industry — I actually consider it my responsibility to be part of the very important debate on how to move the banking industry forward.”
Although Weidner gives credit to the “pro-Sallie camp,” citing people who say Krawcheck has a long history of supporting investors and essentially being the good guy, it’s obvious that this is one journalist who thinks Krawcheck shouldn’t be getting all the attention that she is.
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