Citigroup CEO Vikram Pandit pens letter to President supporting reform

April 28, 2010 | By Jim Kim

Citigroup (NYSE: C) CEO Vikram Pandit (Vikram Pandit news) has never really been embraced by regulators. At times, it looked like at least one, the powerful Sheila Bair (Sheila Bair news) of the FDIC, was campaigning to have him and his cronies removed. For a while, that actually seemed likely. But Pandit has survived and perhaps now sees the need to sow some friendly seeds in Washington. He has reportedly written a letter to President Obama to voice his support for financial reform.

Politico quotes the letter: "I believe banks should not speculate with their capital. I believe in transparency of markets. I believe derivatives should be cleared and settled centrally. I believe there should be a strong federal consumer authority to protect consumer interests." He goes on to say, "We must have a strong systemic regulator. With respect to compensation, we need a merit-based system driven by long-term performance. And it is essential to have a level playing field across the global financial industry." That may score some points for him.

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