The U.S. would grant a patent to a piece of toilet paper. Just because the U.S. granted a patent, doesn’t mean it should be valid.
- Amar Lulla, CEO of Indian generics drugmaker Cipla
Source: Wall Street Journal, February 11, 2010

Yeah, yeah we’re talking about Vikram Pandit and Citigroup (of which Pandit is CEO).

Who else could it be when we refer to the greedy desi butcher, the bozo who fired tens of thousands while feeding like a pig at the trough. Vikram Pandit, of course.

This morning Shittygroup Citigroup announced full year 2009 results and as usual Vikram Pandit vomited all over the place.

Citigroup reported a loss of $1.6 billion (80 cents a share) for 2009. In the previous year, Citigroup lost $27.68 billion.

The fourth quarter 2009 net loss was $7.6 billion (33 cents per share), of which $6.2 billion was related to repaying the TARP loan to the U.S. government.

As we’ve said so many times, as long as the desi butcher Vikram Pandit – the moron actually boasts that firing 100,000 employees is ‘enormous progress’ in today’s press release – remains at the helm of the company, Citigroup has no future.

What are the odds that Vikram Pandit will still remain at the helm of Citigroup by the end of this year? Likely slim.

The man has been heading Citigroup for over two years and this is all he has to show for it – The hedge fund (Old Lane) that brought Vikram to Citigroup turned out to be a disaster, the man has butchered 100,000 employees, the fella tried to buy a new $50 million private jet and gorged like a pig on millions while presiding over billions in losses.

What a disgrace.

Silicon Valley startup Vdopia has raised $4 million in Series A funding from Nexus Venture Partners.

Founded by IIT graduates Chhavi Upadhyay, Srikanth Kakani and Saurabh Bhatia, the San Jose outfit is peddling a video ad network for the iPhone.

The fledgling has also hired a

Folks, we have never shied away from highlighting the ugly face of one of the worst corporate animals in America – the Yama (Hindu God of Death) who has butchered over 70,000 jobs, the Greedy Suvar (pig) who hogs at the trough, the Shani (source of trouble) who has brought misery to countless Americans by his actions.

Yes, we’re speaking of our Desi Butcher Vikram Pandit, CEO of Shitty Group oops Citigroup. the crappy financial institution bailed out by U.S. tax-payers.

The Greedy Suvar dubbed ‘quarter billion man‘ by the New York Times never misses an opportunity to inflict misery on less privileged Americans through all kinds of dirty tactics at his financial conglomerate.

Blood Sucking Vampire

Every day brings further evidence of how the bailed out shitty corporation Citigroup under Vikram Pandit’s stewardship devises new ways to make life as difficult as possible for average Americans struggling to survive in these hard economic times.

* Yesterday, there were reports of how Citi was abruptly closing credit card accounts linked to its gas station partners like Shell, Citgo, ExxonMobil and Phillips 66-Conoco.

Yesterday’s Tamil hedge fund mapillai but today’s alleged Wall Street criminal and billionaire Raj Rajaratnam is winding down his Galleon hedge fund.

In a letter to investors, Rajaratnam, who was arrested last Friday on insider trading charges and is now out on $100 million bail, wrote:

I have decided that it is now in the best interest of our investors and employees to conduct an orderly wind down of Galleon’s funds while we explore various alternatives for our business.

In the letter, Rajaratnam repeated his claims of innocence. We’ll see what our desi prosecutor Preet Bharara has to say in court.

Looks like the end of the road for our Tamil desi from Sri Lanka Rajaratnam.

Folks, remember one thing well: Big fortunes in life invariably come at the expense of big suffering for so many small people.

Source:
Bloomberg
Wall Street Journal

This is kinda amazing.

Sure, scandals and desis are never far from each other. Close acquaintances, really.

Desis in the U.S. are forever involved in some nasty case or the other.

But the Galleon Group hedge fund scandal currently rocking Wall Street is a new high water mark – Five desis count among the dramatis personae. No kidding, folks. Five desis.

* First, there’s the Galleon Group founder and billionaire Raj Rajaratnam, a Tamil from Sri Lanka, who is alleged to have benefited from insider trading. See details of the government’s charges against Rajaratnam here.

* Then, there’s Rajiv Goel, a director of strategic investments at Intel Capital. Goel is also charged with participating in insider trading schemes. The press release from the U.S. Attorney’s office alleges that Rajaratnam and Goel engaged in insider trading schemes involving the stock of Clearwire.

* McKinsey director Anil Kumar is also charged with participation in insider trading. The government complaint alleges that from around August 2008 until about October 2008, Rajaratnam, Anil Kumar and others engaged in insider trading based on inside information pertaining to AMD.

* Today’s Wall Street Journal alleges that Deep Shah, who served as a junior analyst with tainted rating agency Moody’s, passed on inside information to a third party about Blackstone Group’s pending $26 billion takeover of Hilton Hotels. The unidentified third party in turn is said to have passed on the tip to Rajaratnam, who the government complaint alleges made a profit of $4 million by buying hundreds of thousands of shares of Hilton stock. Deep Shah, who has not been charged in the case, is said to be back in India.

* Finally, we have the good guy Preet Bharara, U.S. Attorney for the Southern District of New York and the prosecutor in this case.