Citigroup stock goes down further as COO Robert Druskin resigns.

Citigroup (I earlier mentioned how the Sovereign Wealth Fund of Abu Dhabi are bailing them out) lost another 46 cents on their share price as Robert Druskin the Chief Operations Officer resigned yesterday. The news comes as Vikram Pandit is announced as the new CEO.

Druskin was a close friend of Charles Prince (ex CEO of the group) who was tossed out earlier in the year because of the groups disastrous exposure to the sub-prime loan market.

I sincerely hope he’s not leaving with a golden handshake, I’m a firm believer that Exec’s who expose their shareholders should be treated the same way as a regular staff member who steals from the company. Making any decision that affects share price is what they get paid – damn well – to do, and failure to do it well should result in an equally dishonourable discharge.

The Americans are being disappointingly generous in the way disgraced exec’s are being treated: Enron and a few others being the exception. The market and the people need heads to roll, it’s the only way to …

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