First the WB, Now Citigroup.....What's Next.....World Domination? Richard Parsons to Head Citigroup

More evidence that smart Black folk are in style and have never fallen out of fashion. It's the lower tier aesthetic of low expectations that must be stamped out. Black men are on the rise folks.....No More excuses....

Excerpt from the New York Times business section:

Richard D. Parsons swatted down talk last November that he might become the chairman of Citigroup, the struggling financial giant. “I have every confidence that we have the right team on the field to pull this thing out,” Mr. Parsons, then chairman of Time Warner and a Citigroup director, said in an interview with CNBC.

But on Wednesday, Mr. Parsons got the job — the latest task in a seemingly charmed life in which his gregariousness and smooth personality have placed him at the center of events and made him a candidate for any number of high positions. He succeeds Winfried F. W. Bischoff, a longtime Citigroup banker who presided over an increasingly fractious board.

The appointment will put to use Mr. Parsons’s ties to the Obama administration (he was a member of President Obama’s transition economic advisory board), as well as his experience in running companies under the federal government’s microscope. But it will also most likely offend some on Wall Street who are calling for a more radical shake-up at Citigroup.

Formed a decade ago in a merger that brought a range of financial services under one roof, Citigroup has received two bailouts from the government and announced plans last week to split itself in two. The company lost more than $8 billion last quarter, and its stock price has plunged nearly 85 percent in the last year.

“The investors, Citi shareholders, have strong views that there’s been a lack of accountability at the board,” said John McDonald, an analyst at Sanford C. Bernstein. “There’s been a lot of blaming the environment by Citi’s management and board. I think a lot of investors would want to hear, with someone who has been on Citi’s board, why is that a fresh change?”

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