Citigroup CEO Vikram Pandit resigns

(Reuters) - Citigroup Inc Chief Executive Vikram Pandit has resigned, effective immediately, a shock change at the top of the bank just one day after surprisingly strong quarterly results.

A statement on Tuesday from Chairman Michael O'Neill said Michael Corbat, previously chief executive for Europe, Middle East and Africa, would succeed Pandit as CEO and as a board member.

Chief Operating Officer John Havens, a long-time associate of Pandit, also resigned.

Pandit's departure sent Citigroup's stock down nearly 2.5 percent in premarket trading as investors tried to figure out why he would leave now after keeping the bank afloat during the financial crisis and getting it back on a firmer footing.

"I would have expected he wanted to stay around and see some of the fruits of his labors there," said Peter Jankovskis, co-chief investment officer of Oakbrook Investments LLC in Lisle, Illinois.

Pandit's resignation comes after a series of high-profile defeats this year. In March the Federal Reserve rejected the bank's capital plans after a stress test; Pandit had led analysts and investors to believe the dividend-raising plans would be approved.

Last month, Pandit agreed to a low sale price for his bank's stake in the brokerage operated by Morgan Stanley. Citigroup had to take a $4.7 billion charge in the third quarter to write down the value of that stake.

Citigroup shares fell 90 cents to $35.76 in premarket trading. The stock rose sharply on Monday after the bank reported third-quarter results that were much better than analysts expected.

"What Pandit and Havens did was increase the uncertainty around Citi," said Matt McCormick, banking analyst and portfolio manager at Bahl & Gaynor in Cincinnati, Ohio. "There's a perpetual cloud of uncertainty surrounding Citigroup. There's always turmoil ... that's had to affect the stock price."

(Reporting by David Henry in New York; Additional reporting by Charles Mikolajczak and Phil Wahba; Writing by Ben Berkowitz; Editing by John Wallace)

Source: http://news.yahoo.com/citigroup-ceo-vikram-pandit-resigns-121623250--sector.html

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LAKERS NOTEBOOK: Presence of coach Mike Brown helped allure Antawn Jamison to L.A.

Lakers forward Antawn Jamison (4) grabs a rebound in the first half of the game against the Portland Trail Blazers during a game last week at the Citizens Business Bank Arena in Ontario. (Jayne Kamin-Oncea-US PRESSWIRE)

Antawn Jamison needed a job last summer. The Lakers needed to fill a vacancy for a veteran backup forward.

So, it seemed natural the Lakers would sign Jamison to a one-season, $1.3 million contract. But there was another reason Jamison decided to give the Lakers a try, and it wasn't only because he's in search of his first championship ring after 14 seasons.

"He was one of the reasons I wanted to come here," Jamison said.

"He" was not superstar guard Kobe Bryant, although it could have been just as easily the reason Jamison signed. Nor was it future Hall of Fame point guard Steve Nash. Nor was it center Dwight Howard. Nor was it Pau Gasol. Nor was it Metta World Peace.

No, Jamison referred to Lakers coach Mike Brown.

"To me, it was a no-brainer," Jamison said of signing with the Lakers.

Jamison played for Brown for part of the 2009-10 season, Brown's last with the Cleveland Cavaliers. Brown was fired after the LeBron James-led Cavaliers won 61 games during the regular season but failed to win an NBA title.

The Cavaliers operated as if on autopilot back then. Brown was in his fifth season, with James and a cast of young players sticking to a relatively simple game plan and winning with spectacular ease at times during the regular season.

There was little tinkering to be done with the Cavaliers.

Jamison, however, found Brown and circumstances changed dramatically when the Lakers began training camp Oct. 2. Brown

was constantly at work, stressing small details and leaving zero to chance as he began his second season with the Lakers.

"He has to put his stamp on what he wants us to do," Jamison said of Brown.

There is a new game plan, a variation of the free-flowing Princeton offense and a bunch of new players this season. There are talents to be blended, styles to be meshed and, ultimately, games to be won. The honeymoon period is over for Brown.

"He's not willing to let things go through the cracks now," Jamison said. "He's really on point. I think they had a comfort zone in Cleveland where they could kind of just go through the motions.

"He wants us to do things the correct way. It's good."

Brown has been intense, but he's also been willing to back off with players.

Because of the NBA lockout that delayed and then compressed training camp and the regular season, Brown pushed and pushed and pushed last season. The Lakers practiced or played games for 19 consecutive days before he gave the players a break.

He's slowed the pace dramatically during this training camp.

Sunday marked the Lakers' second day off in two weeks.

"He's the perfect fit for this type of situation," Jamison said when asked if Brown's experience made him the right man to guide this championship contender. "I don't know how many coaches could come in here and put their stamp on this team."

Quote, unquote

Brown on the state of the Lakers after three losses to begin the exhibition season:

"I kind of like where we are right now because there's lots of room to grow."

Quote, unquote, part II

World Peace on rookie center Robert Sacre:

"I really like this kid. He has a lot of tattoos."

elliott.teaford@dailybreeze.com twitter.com/ElliottTeaford

Source: http://www.dailynews.com/ci_21773378/lakers-notebook-presence-coach-mike-brown-helped-allure?source=rss_viewed

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Video: Tomorrow in 30: Earnings & the Economy

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Source: http://video.msnbc.msn.com/cnbc/49422800/

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Ryan fires up GOP base at Thompson fundraiser

MILWAUKEE (AP) - Republican vice presidential nominee Paul Ryan says Wisconsin can "complete its journey" by electing Mitt Romney as president and putting former Gov. Tommy Thompson in the U.S. Senate.

Ryan spoke Sunday at a $250-per-couple fundraiser for Thompson at the Harley-Davidson Museum in Milwaukee.

Ryan says he, Gov. Scott Walker and Republican National Committee Chairman Reince Priebus are all prot?g?s of Thompson, who served 14 years as governor. Ryan says they are all part of what he called the Thompson "farm team."

Walker, Priebus and Thompson also all addressed the crowd of about 300.

Ryan spoke about Walker's successful win in June's recall election and Priebus' work as the head of the RNC after leading the Wisconsin state party, then said Wisconsin can complete its journey in November.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.wbay.com/story/19819296/paul-ryan-to-raise-money-for-tommy-thompson

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Carolina Ballet and the Gift of Balanchine | Triangle Arts and ...

Although choreography by George Balanchine has been a part of the Carolina Ballet repertoire for all of its fourteen seasons, these performances continue to be a rare treat. Unlike the work in literature or on canvas of great artists, a dance is fleeting. On opening night of Carolina Ballet?s A Balanchine Celebration the dancers captured the clean and intricate lines, the fast footwork connected intimately to the music, and the moods, from sublime to playful, that make Balanchine?s work stand out above so many others.

Timour Bourtasenkov in Apollo

The show opened with Apollo, a dramatic portrayal of the Greek god with his muses. With the self-admiring, lute-playing god, this ballet might run the risk of appearing ridiculous less skillfully danced. Timour Bourtasenkov danced the part of Apollo with sensitively commanding and statuesque poise. Power seemed to alternate between?Bourtasenkov and the muses, Alicia Fabry, Lindsay Purrington, and Lilyan Vigo, whose smooth entanglements were mesmerizing.

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Timour Bourtasenkov, Alicia Fabry, Linsay Purrington, and Lilan Vigo in Apollo

The fun and lively pas de deux Tarantella followed, with spritely Margaret Severin-Hansen and Pablo Javier Perez. Valse Fantaisie is everything that is good about a waltz with arms and long chiffon skirts whipping about and encircling the dancers like wisps of smoke. Jan Burkhard and Richard Krusch were classically vibrant, accented by a corps of four flowing in perfect unison.

Carolina Ballet?s Valse Fantaisie

Agon (Pas de Deux) is a visually striking dance featuring the extension, focus and control of Lara O?Brien and Eugene Barnes. The pair was perfectly suited to the geometrically and musically challenging choreography. This is a piece of modern art with its pleasant but unemotional expressions and monochromatic aesthetic matched to the music of Igor Stravinsky.

Laura O?Brien and Eugene Barnes in Agon (Pas de deux)

Lara O?Brien and Eugene Barnes in Agon (Pas de deux)

The last piece, Who Cares? , is a whimsical ballet of fifteen short dances set to well-known George Gershwin tunes. Margaret Severin-Hansen and Gabor Kapin were masters of subtlety in the tender pas de deux The Man I Love, an intimate conversation between lovers. In Embraceable You Lilyan Vigo was exquisite, joining Kapin for an elegant uptown pas de deux. Jan Burkhard was full of youthful enthusiasm, exploding from the floor in the solo I?ll Build a Stairway to Paradise. The company came together for the finale, I Got Rhythm. Super-fast turns and jumps exposed flashes of pink from the bottom layers of the dancers? skirts designed by Steven Ruben.

Margaret Severin-Hansen and Gabor Kapin in Who Cares?

Randi Osetek?s ease of movement and high extensions were consistently eye-catching in Who Cares?, even with fourteen fast-moving dancers on stage. The live musical accompaniment provided by pianist Karl Moraski, drummer Scott Lane, and bassist Robbie Link kept the energy high. The genuine smiles throughout the ballet suggested the dance was as much a gift for the dancers as for the audience.

This is a sophisticated program, well suited to high-brow tastes. But children who like art in any form will also love these ballets. The dances are short, interesting and unexpected. The fast and playful ballets Who Cares? and Tarantella have the most obvious appeal for younger audiences, but all of them are bright and colorful, and musically and aesthetically interesting and intellectual. These dances might open the door for great conversations about the place of history and literature in art, and about a person using what he or she finds interesting in the world to create something of lasting impact.

You can see A Balanchine Celebration weekends through October 28. Get tickets and information here.

Review and photos by Denise Cerniglia

See more photos from the show at http://artsviewnc.wordpress.com/2012/10/14/a-balanchine-celebration/

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Rating: 5.0/5 (1 vote cast)

Carolina Ballet and the Gift of Balanchine, 5.0 out of 5 based on 1 rating
Tagged as: carolina ballet, Gabor Kapin, george balanchine, jan burkhard, Lilyan Vigo, Margaret Severin-Hansen, Robert Weiss, Timour Bourtasenkov

Source: http://triangleartsandentertainment.org/2012/10/carolina-ballet-and-the-gift-of-balanchine/

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