Pandit Defends Citi

Vikram Pandit,Citigroup CEO,says their Tier One ratio is 12%.That's a very,very strong ratio.We feel very well-capitalized as a company.It's well above what regulators consider well-capitalized.We understand that the old model of corporate behavior no longer works,Mr.Pandit explained,and that the old rules no longer apply.I get it,and I will see that Citi gets it,Mr.Pandit promised the U.S. Congress.