Citigroup Inc is on track to exceed expected regulatory requirements and shrink its worst assets to less than 20 percent of its balance sheet, Chief Executive Vikram Pandit told employees in an end-of-year internal memo on Monday.
Good for them but the new regulations are a stupid idea anyway. They’ll be worked around. No I’m not being cynical, just realizing the truth. And don’t tell me the people at Citigroup are bad. Do you limit your speed to the legal limit when driving a car? Do you try to minimize the taxes you pay at tax time on April 15? They are the same process, just on a personal scale.