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By Matt Kibbe
The short-term deal will assure long-term overspending
Independent voices from the The Washington Times Communities
Topic - Richard Parsons
The incredible shrinking bank may have to shrink more. In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank.
Whoopi Goldberg, John Legend, Sean Combs and Serena Williams now have a place in the National Portrait Gallery in a show opening Friday, along with other leading black figures who may be lesser known.
Citigroup, still partly owned by the government after a rescue during the financial meltdown, is giving raises to top executives that could amount to millions of dollars.
Top White House economic adviser Lawrence H. Summers will step down at the end of this year, the administration said Tuesday, marking the departure of yet another key player on President Obama's financial team, which has struggled to right the U.S. economy.
Citi's chairman, Richard Parsons, said in a statement that beginning next year the bank's board "intends to compensate Vikram commensurate with the job of CEO of Citi."