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Fed Citi Mildly Disappointing

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by Felix Salmon
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Dec 11 2007 12:00am EDT

Fed, Citi: Mildly Disappointing

It's obviously a day for mildly-disappointing expected decisions. The Fed has cut by a quarter point, and Citigroup has decided to appoint Vikram Pandit its new CEO.

I doubt that many people can gin up much in the way of enthusiasm for either of these pieces of news. A quarter-point cut isn't enough to stave off recession, if indeed we're headed in that direction, and it's not even enough to stave off expectations for another cut at the next meeting. Meanwhile, Pandit is a dull technocrat who has never achieved very much but who has somehow managed to maneuver his way into the top job at Citigroup. The best we can hope for is that he'll be weak enough not to put up too much of a fight should Jamie Dimon decide that Citi is ripe for the buying.

It's weird that the Pandit news was leaked without any news on who Citi's new chairman will be, though. Can't Citi even orchestrate the annoucement of its new leadership effectively?

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