mr. o'neill and that citigroup officials have been telling people. they went on a conference call the following day and said he left on his own accord. what we have right now is what i known as a formal investigation into theacts and circumstances and exactly how this guy left the company and why. it is a pretty interesting story. as i said, when he left, that whole thing about leaving that monday, after the conference cl announcing earnings, that shocked the market. shares actually went up initially which will tell you something about vikram pandit's reign over at citigroup. but the sec is looking at the disclosures, if they were proper and did citigroup come clean to the market and tell the market the truth about why he left. was it really his decision or was he ousted? i'm telling you that our sources at firm mr. o'neill that day right after the market closed at about the 4:02, after the coerence call for third quarter earnings went to vikram pandit and i'm paraphrasing but along these lines, lost confidence inou. question, why didn't they announc

in an expression of the actions that mr o'neill mr obama eventually tag when i mean when you say paid to lie you mean because of special interests that are putting their campaign. absolutely. i mean i think if if you have to look back at the platforms on which recent presidents ran or if you want to go back a little further you can see that there's a vast distinction between what. these presidents were saying during campaign season and when they were out on the road drumming up support for their party and what they actually did while they're in office so it's probably the most obvious example would be george bush is running on a platform of nation building back in the two thousand election and we spent more or less the entirety of his subsequent presidency. embroiled in a couple of wars. and other covert missions abroad so this there was a shoot this. discontinuity between the rhetoric create election and what we actually saw come into action so you know it's not to suggest some popcorn and have a lot of these guys when you know when they're going about this sort of script to to sit f

mr. o'neill, i hope you'll stick around. we're going to take a quick break.ck, we'll talk much more about the markets. we'll talk about china and certainly your views on the election, which i think many folks will find quite interesting. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged o

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 restructuring the bank, and i think it is a really positive development. >> on that conference call that we just reported by the citi's chairman, michael o'neill, who said there is no other shoe to drop. michael corbett said he is going to follow on the foundation

mr. o'neill and the new ceo where they see taking citigroup.bt is that they really will get there. we'll see what they have to say. >> kate, they're really going to have some answering to do. just a day ago we get the news that the earnings were better than expected. vikram pandit spends an hour and 40 minutes with the community going through the strategy. a day later we find out he's stepping down abruptly. >> absolutely, maria. i think he did shed some light on the situation in his conversation with you, but there remain a lot of questions unanswered. a few things come to my attention in terms of the board maybe wanting to see him leave. the dividend they weren't able to pay out, the ongoing pay flap, which is not pandit's problem. i mean, i guess it is his problem. wasn't necessarily his decision making process. obviously, he was the poster boy for it. also, recently the sheila bair book that came out. everyone knows she's been quite critical on pandit. i've been told there's some consternation between her depictions of pandit and the regula

mr. o'neill decides he wants somebody else to convince the board to do it. what i have a problem with here is mr. pandit came out and said this was my own decision. simon and i were talking about this the day it came out. it was nonsensical. now we find out. i agree with harvey pitt. he said given a choice between lying or simply not saying anything, i think mr. pandit should simply say nothing about this. >> i don't know if there's a way to make this a great story from their perspective. but, hey, i don't think that's the way anybody would want to go. it doesn't look good, as bob just said from pandit's perspective. but i think there are a lot of questions about whether they could have communicated better about what was really behind this. like the truth. >> guys, let's finish up with apple. it was supposed to be the big one in corporate earnings this week, reporting of course ultimately weaker than expected ipad sales. the white ipad minis are already selling out. why has the stock been so resilient over the last 24 hours? >> i don't think it is clear that

mr. o'neil and the new ceo michael corbat coming up at 4:30 p.m. eastern time. gentlemen, thank you. mike mayo, see you next hour. meantime, still have this rally going on. >> stick around. coming up, we have much moren the evolving story surrounding vikram pandit's sudden resignation, including a conference call at 4:30 p.m. we'll take you there live. we'll also hear from the new ceo on that call. we'll have a lot more. stay with us. >>> he said the call to equity is done, but what about the banks after the citi shocker? and why are stocks rallying even in the face of pandit's stunning departure and bill gross' bearish call? pim koe's bill cross is here next. >>> plus, is this citi news a canary in a coal mine for the entire financial sector? that trade is ahead. >>> plus, more details from maria's personal conversation earlier today with vikram pandit. >>> and two titans of the tech world are ready to report earnings. what will intel and ibm tell us? we'll also hear from intel's chief financial officer just moments after the numbers are released. that's all ahead on the "closing be

mr. o'neill, chairman. board still apparently has a governance mess on his hands that goes back to bob reuben and sandy weill. you had two strong leaders that didn't lead very well. had a board of cronies around them and they don't have proper governance structures in this bank even today. ashley: was this in the works for a time or based on the way it was handled was it a rash decision. what do you think?. >> it has to be ration decision. did they decide this last night? if they knew he was going to resign they should have told us yesterday during the analyst call. this is simple disclosure, you said you don't think the board or management at citi have their business under control? >> yes. ashley: why do you say that, third quarter results and earnings were pretty good. >> they're okay. citi is value destroyer. we wrote off $3 billion for smith barney. another extraordinary charge for few hundred million. every quarter there is something. to me at the end of the day you have to ask yourself is there an ord

o'neill. >> hold that, hold that. >> you lied -- >> what about mr. carthy, mr. o'neill? and understand why you are screaming. you can't afford the truth. >> you never met -- >> cbs news has exclusive information including documents that now sheds new light on the president's service record. 60 minutes has obtained government documents that indicate mr. bush may have received preferential treatment in the guard after not filling his commitments. >> vote republican and you vote to enable george bush to keep rolling as an emperor, a child emperor. but an emperor. >> i have to tell you, as part of record in this case this election. the feeling most people when they hear barack obama speech, i feel that's going up my leg. i don't have that too often. it's a dramatic event. there's nothing to do with politics and has to do with the guy we have about our country. and that is an objective assessment. >> i read that she once took a psychological test is that the position you are most suited for his undertaker. >> on the bus ride up on the snowy road to lebanon, new hampshire, i s

mr. o'neill who said this was absolutely voluntary as i recall.f that's true, he has a lot of explaining to do in the fact that the stock didn't move is not relevant in terms of what the disclosure obligation should have been. >> harvey o'neill is the chairman of the board and so e, you know, if it is found that there were federal security laws broken, what could happen? what could be the penalty? what could be the punishment? do you think the s.e.c. wants to make this an example because it involves a chairman of a board? >> the s.e.c. has a lot of authority including the power to seek from a court an order that bars any person that violates the security laws and commits what is deemed to be fraud from serving as an officer or director of a public company. i don't know that this will be that kind of a case and all of the facts will have to be assessed but it does strike me that his conduct clearly contradicts what the spirit and letter of disclosure law is supposed to be. >> i think we sort of covered this on the day of but the difference between

o'neill for seat 7, we have that motion with recommendation. we can do that without opposition. i will continue seat number 1 to a later portion of this agenda. at this time, mr. clerk, can you please call item number 3? >> item number 3, hearing to consider appointing four members, terms ending june 6, 2014, to the immigrant right commission. >> thank you. so, i'm going to keep the same format as i had for the previous item. i'm going to call your name in the order that it is listed on the agenda. we do have five applicants with four seats, four who are actually applying for reappointment to their seat. first i will call up vera haile. i do see her here in the audience. commissioner haile, thank you for being with us today. i know that you have long served this commission. it's good to see you. >>> i am here to ask to be appointed again to the commission. you know from my application i spent 13 years working in chinatown at self-help for the elderly, 13 years in the tenderloin at currie senior center. so, i worked closely with immigrants. reason i want to be appointed again is i think the attitudes towards immigrants are getting better and that we as a commi

you heard mike o'neill saying despite that this was vikram's decision, that there was a process last two years just in case, that was the caveat, just in case vikram was to leave and mrcorbat was at the center of that. that almost one thing, would reinforce what charlie gasparino has on about reporting all day here at fox business. there are a series of questions coming from the analyst who is are on the call what is going to change? one actually said, we're scratching our heads here. if nothing is changing, if nothing is going to change, what just happened with vikram pandit did leaving? the questions are centering on the cost structures at citi. you erred earlier today on fox business mike mayo saying there are problems. citigroup had what we considered, a rigged compensation schemes with artificially low hurdle rates for incentive pay. this question essentially asked during the conference call, mike o'neill, not giving a response what progress they're making to make the operation more efficient. so that is what you're listening to. liz: okay. thank you very much. we'll be right back with much more ahead. seven minutes before the top of the hour. there you have it.