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Citi's Pandit among 20 worst ever CEOs

Thursday, April 30, 2009, siliconindia news bureau





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New York: Citigroup's India-born chief Vikram Pandit has been named among the 20 worst ever CEOs in the American history, but sitting on the top in this segment is bankrupt Lehman Brothers' Dick Fuld.

These 20 include 'six men who helped make today's economy stink', said the business magazine Conde Nast Portfolio which compiled the list of America's 20 worst ever CEOs. The list identifies the business 'leaders who helped drive their companies into the ground.'


Dick Fuld, the topper in the list, had led Lehman Brothers to bankruptcy and marked the epitome of the current global economic crisis. "Pandit did not create the mess Citi is in, but his role in the company is equivalent of the Titanic's Edward Smith - a commander ill - equipped to save his ship," the magazine said. He has been ranked last at 20th position in the list, which also includes troubled insurer AIG's Martin Sullivan and failed investment bank Merrill Lynch's Stan O'Neal as also computer giant HP's former chief Carly Fiorina, Enron's former chief Ken Lay and bankrupt telecom firm WorldCom's Bernie Ebbers.

"When Pandit took over, Citi was already on track to report write-downs and increased credit costs of $20 billion. Today, the banking supermarket is propped up by $45 billion in bailouts and is, in effect, owned by the U.S. government," Conde Nast Portfolio noted. It noted that Pandit's current salary was one dollar, but his "pay package was valued at $38.2 million for 2008, a year when taxpayers kept the firm in business."

Conde Nast Portfolio determined the rank after consulting a panel of professors from business schools like MIT Solan School of Management, Tuck School of Business, Wharton School, University of Chicago Booth School of Business, Yale School of Management and Kellogg School of Management.

Apart from Fuld, the top five include Angelo Mozilo of Countrywide Financial, another victim in the current financial crisis which was acquired by Bank of America, Enron's Ken Lay, Bear Stearns' Jimmy Cayne, who was reportedly playing bridge when two of his company's hedge funds collapsed in July 2007 and WorldCom's Bernie Ebbers.

These are followed by Al Dunlap (known as a business downsizer and headed firms like Scott Paper and Sunbeam- Oster), Fred Joseph (who oversaw plunge of once-Wall Street marquee Drexel into bankruptcy in 1990), Jay Gould (a 'robber baron' who made a fortune in 1800s by pushing up gold prices and prompting a scare in stock market), NCR Corp's John Patterson and IBM's John Akers in top ten.

Others on the list include Carnegie Steel's Henry Frick (11), AT&T's Bob Allen (12), General Motors' Roger Smith (13), Apple's CEO between 1983-93 John Sculley (14), AIG's Martin Sullivan (15), former Time Warner chief Gerald Levin (16), Home Depot's Bob Nardelli (17), Merrill Lynch's Stan O'Neal (18), HP's Carly Fiorina (19) and Citi's Pandit (20).






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Sare Jahan Se Accha

Hindustan Hamara

In 1905 more than 100 years from today, when Iqbal was a lecturer at the Government College, Lahore he was invited by his student Lala Hardayal to preside over a function. Instead of making a speech, Iqbal sang Sare Jahan Se Accha Hindustan Hamara in his style. Iqbal compiled this poem in praise of India and the poem preaches the communal harmony that had unfortunately started ceasing in India by that time. Each and every word in this poem depicts an Indian’s respect and love for the motherland and the values the Indian society inherited for long...Read Full




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