Parsons To Head Citigroup: Didn’t Get The Memo?

In a surprising move, Citigroup appointed Richard Parsons to take over as chairman at Citigroup as aging Win Bischoff retires later this year to his chateau somewhere.

Parsons was a key player in the remarkably unsuccessful AOL – TimeWarner merger, managing to bungle the opportunity of convergence well ahead of the curve; New York is still following many of their misteps in the quest to get people to pay for publishing again. Prior to that he ran a thrift bank. Lovely. Here he is with Michael Bloomberg. Maybe we can build a Citigroup Stadium on the West Side that will stimulate the economy!

More than anything, it points to an entrenched old boy network in banking that clearly doesn’t know where to go except to the discount window at the Fed. Oh, and for his summer vacation he was an advisor to Obama. Feeling confidant yet?

They’ll be selling off anything that isn’t bolted down soon enough if AOL is any indication.  Look for positioning to sell off businesses they can get cash for soon.

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