[jljljl]

>>> He screwed it up

To say that Pandit, who became CEO in December 2007, somehow screwed up Citibank, reflects a misunderstanding of the history of the crisis.

The CDO and MBS markets had been in place for a decade, and were already cratering when Pandit was brought on, and in fact he was brought in to replace the previous CEO following "unexpectedly poor Q3 performance."

Pandit took a reduced salary in 2009 following the collapse of Bear Stearns and Lehman Brothers in fall 2008, which eventually led to the creation of TARP funding. His compensation was only brought back after 2 years and 5 consecutive quarters of profitability.