A Parsons Tale

By Michael Gray
I’m taking a victory lap on my January 13th blog entry called “The Dick Parsons Project”: http://mgray12.wordpress.com/2009/01/13/the-dick-parsons-project/ Where I said Win would lose and Parsons would step in to unwind Citigroup. An excerpt follows:

Citigroup’s Board of Directors has backed the existing leadership from
Win Bischoff to Vikram Pandit, which tells us there is change in the air.

Once the Smith Barney deal closes possible tomorrow and Citi
will get a paltry $2.5B payment, which will do little to offset its
projected $16B in writedowns in ’08, Bischoff should be out
and Dick Parsons will be seated as chairman of the board.

Parson’s fresh from doing a spectacular job –– as CEO –– of unwinding
Time Warner from the largest global media company to an also-ran.

Parsons was a protégé of Nelson Rockefeller, working on his staff while
Rocky was both NY state Governor and Vice President.
Parsons also owned a house on the Rockefeller estate in Pocantico Hills in NY.
Parsons grandfather was once a groundskeeper on the Rockefeller family estate.

Okay, a quick lap because I’m out of breath already.

As to yesterday’s post on Tim Geithner being pushed out of the Treasury slot. I thought the Republicans would hit him hard on the fact that he only paid two years of back taxes when he learned President Barack Obama had tapped him for the cabinet post.

No such luck. Looks like they will be the silent minority during the early days of the new administration.

For more on Wall and Washington and the cratering economy see: http://mgray12.wordpress.com


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