Meredith Whitney weighs in on Citi’s train wreck, telling the Post that the only solution is to chop the company up and sell off the parts:
“Pandit and his executives are completely naive if they think the share price is not important,” Whitney fumed.
“Pandit is wrong, Citi will not be able to stay in its current form,” she said, adding that the banking giant must break itself up and sell off the pieces to raise capital and reduce its size.
“Citigroup is in such a mess Stephen Hawking couldn’t turn this company around,” the money maven added. “It has lost the most money of all the banks, and has the greatest leverage.”
“Citi is wrong if they say they are adequately capitalised. No bank is adequately capitalised today and Citi is no exception,” she said.
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