Wednesday, September 16, 2009

Citi chairman to join Providence Equity Partners

Richard Parsons, Chairman of Citigroup, has indicated he will become a senior advisor at Providence Equity Partners. He said he will remain as Citi's chairman and that he wanted to make this move earlier but could not. The reason he gives for making the move now is that Citi is more stable. Hmmm, they haven't paid back the TARP money, the share price is still in the toilet, they keep selling off assets, but they are more stable. Uncle Vik should love that one, not to mention the potential for conflicts of interest.

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