Citigroup CEO Vikram Pandit told a Congressional panel that the bank is “fundamentally different” since it took $45 billion in taxpayer bailout money last year. But Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says Congress should be asking why taxpayers were’t given more effective oversight of Citigroup after the bailout.
“Rather than grilling Mr. Pandit on how he runs Citigroup, the Congressional TARP panel should be asking Treasury officials, past and present, why the U.S. did not demand representation on the Citigroup board of directors. As long as the taxpayers are the largest shareholders of the company, this is the most effective way to provide oversight in the public interest.”
Contact Cornelius Hurley, 617-353-5427, firstname.lastname@example.org