2012-10-17 — nakedcapitalism.com
The kerfluffle is over whether he hiked out in a huff over the board prodding him or whether he was pushed. The media seems to have accepted the board's effort to save face, which is that they were in the process of pushing Pandit out. But "in the process" is not the same as pulling the trigger. This was, in the words of analyst Mike Mayo, the worst transition he's seen in 25 years. While Pandit presumably got some personal satisfaction by (probably barely) beating the board to the punch, it was a self-indulgent, immature move. (The official story, clearly from board members, in the New York Times, simply does not add up: the board chairman had a chat with Pandit Monday evening and Pandit resigned. While that may technically be accurate, the Monday night chat can't have been the typical coded "time to tender your resignation" or there would not have been so much chaos today).
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