It's no surprise that government regulators wield a lot of power at Citigroup, which is fitting given that it owns 34 percent of the company. But if a glimpse of the process behind the replacement of the former CFO is any indication, the relationship is not an easy one to manage.

The Financial Times reports on a document that spelled out the process by which ex-CFO Ned Kelly would be reassigned. The legal agreement states: "Citigroup will initiate a process that will result in a decision on (a) whether the CFO for Citigroup...can be more effectively utilised (sic) in other Citigroup responsibilities," the agreement states. "And (b) if so, on replacements by a person...with relevant financial, accounting or other experience acceptable to the agencies, with the results publicly announced by...publication of Citigroup's third quarter 2009 earnings [in October]." Now if this is what it takes to get things done, I don't see how a whole lot will ever get done. It seems like an odd partnership, where neither party really trusts the other. 

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