Monday, March 2, 2009

The Problem with Pandit

Pandit is a design engineer who specializes in designing houses that are fire-resistant.

Unfortunately, the house he's standing in is rapidly burning to the ground.

That makes Pandit more than useless, like a design engineer whose house is in a three alarm fire.

Were Pandit running Citigroup six or seven years ago, much of what has happened the last year could have been avoided. Unfortunately, timing is everything and he is not the right person to be running Citi at this time.

That said, what do you need when your house is rapidly burning to the ground?

You need a firefighter, someone like John Thain, who will do whatever is necessary to protect the company and save it from complete destruction. Criticize Thain all you want for his $1,000 waste paper basket, but he very handedly saved Merrill from implosion.

Once the fires are under control and some sense of normalcy returns, that could be Pandit's time to shine, but until then, he's about as useful as a deep fried rotisserie chicken.

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