The departure of Sallie Krawcheck from Citigroup was painted as a matter of her being on the outs when Vikram Pandit took over as CEO. No one doubts that there has been a lot of tension; perhaps it was a bad fit. But Fortune reports the tension revolved around "the amount of money that Citi owes clients who invested in hedge funds and auction-rate securities that turned out" so toxic. Krawcheck "argued in favor of Citi's responsibility to pay clients back. Pandit was said to have taken a harder line. The result was a rift in the relationship. In the end, he demoted her, taking her CEO title and leaving her as chairman without portfolio. That left her no choice but to leave.

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