blitzkrieg and we try to get to as well vic room pendent has just been forced out at citibank now chris whalen who's a regular on this show asked on twitter. vic grown penda did he resign in exchange for a non-prosecution agreement with the department of justice ok so here we're. really digging into your thoughts i'm not as if you're totally familiar i don't follow citi group and too much except for knowing that he basically. started a hedge fund and then sold it to citi and then ended up running city and i don't

he is chris whalen, investment banker at tangent capital partners, where he focuses on financial services companies. >> so, what do you think of, chris, of this michael corbett. is he the right person to run city? what do you think? >> i think he is. during an analyst call, mr. o'neill said they had a process to select a new c.e.o., and this fellow is quite solid. i never met him, but he has great credentials. and i'm glad they have picked someone inside who is an operator. it has been more than 20 years, since we had a real operator, a banker, to run citi. >> sandy wild, the former chairman and builder, architect of citi, also gave an endorsement of the new c.e.o. today, calling him a great manager, a good leader, and you also know that sandy wild recently said that it is time to split up the big banks, that they've gotten just too big. do you think there will be a change in the strategic plan? >> no, i don't think so. it is somewhat gratuitous for mr. wild on picking an excellent candidate because he didn't do that. both chuck prince and bicram pandit are holders. he has experience rest

chris whalen says citi's board has explaining to do at the very least. he will join us in a few moments. lori: it is crunch time for president obama and gop nominee mitt romney. we'll see how it will shape the election three weeks away. ashley: everybody looks at body language and will be interesting. not a lot of smiles like joe biden. lori: i don't think it will be clear, the president is under a lot of pressure because he has to strike the goldilocks, not too hot, not too cold. talk about the markets. maybe they're setting up --. ashley: time for stocks as we do every 15 minutes. nicole petallides, not goldilocks. she is the qeenl of the nyse. >> long locks, not goldilocks, but you never know. dow jones industrials up 124 points where we're seeing markets take off to the upside. we have decent economic news and good earnings news as well. so we heard from goldman sachs today for example, one of the names moving higher. the vix, the fear index, no fear here. we're seeing it to the downside. the dollar is lower. that really led the way for the equities

blitzkrieg and we try to get to as well vic room pendent as just been forced out at citibank now chris whalen who's a regular on this show asked on twitter. vic grown penda did he resign in exchange for a non-prosecution agreement with the department of justice ok so here where it really dig into your thoughts i'm not. familiar i don't follow citi group and too much except for knowing that he basically started a hedge fund and then sold it to citi and then ended up running city and i don't even know why anyone would buy a hedge fund in the first place doesn't really seem to make much sense to me anyway but you know it wouldn't surprise me though that story would be true just because what you see is this incestuous relationship and this is global it's not just in the united states i think it's in china i think it's in every major economy where the elite are of the oligarchy class and in the west it's mostly the banks there's all are doing are committing their crimes with the permission of the government and they sort of agree with each other that hey i'm not going to tell on you if you don't t

helping out with that and reference to the materiality of acquiring bear stearns this was cited by chris whalen a bank analyst he also used to work at bear he's been a guest on this show very trustworthy source he had written a post a couple years ago j.p. morgan chase c.e.o. jamie dimon told investors that the acquisition of bear stearns would not be material to investors you can see that post of his on zero hedge and numerous other sites that's were going to leave it today thank you so much for our show but our that's it for our show thank you so much for watching make sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can go like us on our facebook page there is the address you can catch any shows you missed or give us feedback all respond on friday at youtube dot com slash capital account you can watch us an a d on hulu at hulu dot com slash capital dash accounts from everyone here have a great night. science technology innovation all the developments around russia we've got the future covered. sigrid laboratory to kirby was easy to bel

chris whalen is here, he'll be able to help us with this. that these banks are too big to analyze. we need to break them up, not too big to fail but too big for to us do quickly on "squawk box". they're hard to quickly return on equity was 13.38%, that was up 52 basis points. tier one common equity ratio 10.06. >> what was revenue growth? sounds like it was off. >> i could probably get you a year ago. >> the street had them estimated up eight and change and sounds like they missed on the revenue side. >> revenue came in at 21.2 versus the 21.46 that had been expected a year ago, it was 20.6. >> kind of interesting. >> net chargeoffs 2.4 billion. that's down. the total loans up 7.4 billion at 782? >> it was interesting, people thought that wells still had a pretty good backlog in terms of mortgage and they were expecting revenue to be up. that's why wells and u.s. bank are the two members of the top five driving revenue and earnings mostly by taking share away from the other banks. the other three of the largest banks stepped back from mortgag

. >> let's talk about that and break it down with citi watchers, chris whalen.ou're a fan of his but not vikram pandit. did we need that corporate intrigue? >> the chairman of the board is doing his job, frustrated sitting on the board for the past five yeerds watching dick parsons do nothing, i think this is all good. we have an operating in and coo now and it's good. and mr. o neill is a serious guy and fixed a troubled institution in hawaii and bank of hawaii is one of the best performers in the united states. >> but what about the way it was handle d? >> it's unseemly, sure, that's right. it should have been a decent transition but something was a catalyst and we still don't know the full story. >> todd, what do you think of how it was handled? >> it wasn't handled right. it's clear as day about that. but pandit also had a complicated tenure with the acquisition, $800 million in an all cash deal that just vested recently because it was a five-year investing schedule. you have to question what the culture was like at citi during this entire time. pandit went

. >> we have chris whalen on the phone, we always turn to him with these issues. ink? >> well, as you know, i've been calling for a change for a while and i think this is a good development for citi. they're reaching inside and picking an operator who has got broad experience in the company so that's good. pandit should have stepped down years ago. i saw him as a place holder emerging from the wreckage that was left behind by robert rubin and a completely dysfunctional board. i hope this is an indication the board at citi is getting itself together. >> when they say "we respect vikram's decision." it was his decision to honor what the board was asking him to do? >> you don't know. they don't give us much insilgt. >> what about havens? >> as i say he's an insider. this is the first time we've actually had somebody with operating experience running this company. >> no, corbat is the guy who is taking over. havens is leaving. the president and coo is also out. >> right, but i believe -- i haven't seen the news reports but i believe the fellow they were picking is an i