Is titular CEO Vikram Pandit really in charge at Citi? There are signs that perhaps he doesn't exactly have an iron-clad grip on the bank. Most assume that the government is the real power, which makes sense given the bank's "open bank assistance" status.

Treasury seems to have no problem slapping Pandit's wrists. The latest sign is the luxury jet miscue. It was unconscionable, from a public relations point of view that Citi go ahead and buy the jet, even though it elaborated some reasons about how the contract was signed in 2005 and how it was fuel-efficient and all. But it seemed to require a firm "no" from Treasury officials acting on behalf of Tim Geithner before Citi decided to scuttle the deal, notes the Financial Times.

For more:
- here's the FT article

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