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Willem Buiter joins the rotten curs at Citibank

5b187bb8-4b7d-11de-b827-00144feabdc0.gifWillem Buiter, author of one of my favorite economics blogs, hasn't been very nice to Citigroup over the years. As Felix Salmon points out, Buiter has called Citigroup “a conglomeration of worst-practice from across the financial spectrum” and likened the bank's former chairman and CEO, Win Bischoff, to Ayatollah Ali Khamenei. But Citi is obviously content to let bygones be bygones, as they just hired Buiter as their chief economist.

This sort of thing will, I imagine, become increasingly common: As the Internet becomes more and more pervasive and job applicants have a longer and longer paper trail, prospective employers are going to have to overlook a public record containing opinions that, in previous eras, they would never have seen, and would never have tolerated. Come to think of it, my presence at The Washington Post is probably a good example of this, too.

Photo credit: Buiter's blog

By Ezra Klein  |  November 30, 2009; 2:00 PM ET
 
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Comments

i don't expect citi as we know it today to still be around in a decade, and anyone with any intelligence around citi (i have no idea if this includes pandit or not) recognizes that buiter was, you know, correct in his insights about citi (if we're really lucky, sandy weill, the inventor of same, will be regarded in the future as one of the great financial morons of the late 20th century).

frankly, this is the first sign i've seen since the financial crisis hit that there may be a controlling intelligence at work at citi that might make something of it. desperate times require desperate remedies.

Posted by: howard16 | November 30, 2009 2:14 PM | Report abuse

Corporatists systematically buying off opposition is nothing new, but it is getting more brazen as they consolidate their wealth and power. I wonder if he'll get a booth at Tosca next to Tom Daschle.

Posted by: bmull | December 1, 2009 1:51 AM | Report abuse

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