UPDATE: Citi Names Crittenden Citi Holdings Chairman

[radfringe]

Source: CNN Money

NEW YORK (Dow Jones) -- Citigroup on Friday named its current chief financial officer, Gary Crittenden, as chairman of Citi Holdings, the firm's nonbanking arm established to hold and manage billions in bad assets covered by its arrangement with the federal government to guarantee some of Citigroup's losses.

Edward Kelly, previously the head of global banking at Citi , will become CFO at Citigroup.

Citi Holdings unit On Jan. 16, Citi unveiled its decision to realign into two businesses, in effect reverting to running a banking business similar to its operations before Sandy Weill and his team turned the company into a "financial supermarket" over the last decade.

The new structure, Citicorp and Citi Holdings will leave the bank operating without the burden of billions of dollars of "toxic assets" -- those assets accumulated during the mortgage bubble, mostly made up of bad home loans and various derivatives.

Read more: http://money.cnn.com/news/newsfeeds/articles/djf500/200903200837DOWJONESDJONLINE000561_FORTUNE5.htm

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wonder how much he'll spend on a new wastepaper basket?

[dixiegrrrrl]

1. A very common ploy of companies once their goose is cooked.

It is really an admission of guilt, but no one will pay attention in a few months.

Ca. Power company did it when the facts came out they had overcharged customers, they then
blamed everything on their "subsidiary", which went bankrupt, AFTER sending all the money to the Power Company, of course.

Liddy says he is going to re-name AIG, he admits the AIG name is a massive liability.
Just like Phillip Morris became Atrios or something.