Wrath for Rubin, and Mack's shot at redemption

• Power Point: Bob Rubin admits his regret

  "My great regret is that I and so many of us who have been involved in this industry for so long did not recognize the serious possibility of the extreme circumstances that the financial system faces today."

  - Bob Rubin, explaining his decision to leave Citigroup (C), in a letter today to CEO Vikram Pandit. Rubin joined Citigroup in 1999, after serving as Treasury Secretary in the Clinton Adminsitration. As my MORE

  Patricia Sellers - Jan 9, 2009 4:17 PM ET
  Posted in: banks, Bob Rubin, Citi, Citigroup, Leadership by Geoff Colvin, Postcards, Power Point, Power Shift, Robert Rubin

• CEO apologies and other true confessions

  'Tis the season for confessions. First comes denial -- every mortal's classic response in a crisis. But in times like these, any leader worth his or her lofty position and pay recognizes mistakes soon enough. True confession is the mark of a confident leader. So, what's your biggest mistake?

  In the past week alone, we've noticed a positive trend: leaders fessing up. "GM has made mistakes in the past," General Motors MORE

  Patricia Sellers - Dec 8, 2008 2:11 PM ET
  Posted in: airlines, apology, auto industry, banks, boards, Bob Rubin, CEOs, Citigroup, confessions, David Neeleman, Detroit, Failure, finance, FRank Rich, Frost/Nixon, General Motors, GM, Iraq, JBLU, JetBlue, Jim Collins, Leadership by Geoff Colvin, management, mistakes, politics, Postcards, Power Shift, Rick Wagoner, Saddam Hussein, Vikram Pandit, Wall Street, Washington

• Citigroup's Pandit gets a lifeline too

  The upshot of the government's bailout of Citigroup (C): millions of calmed investors, 350,000 relieved employees, and one CEO who is hanging on to his job at least for a while.

  Vikram Pandit's apparent security at the helm of Citi may be a good thing. For all his faults - his failure to get a timely grip on the company's toxic assets, his unconvincing arguments last week that Citi is adequately MORE

  Patricia Sellers - Nov 24, 2008 4:44 PM ET
  Posted in: American Express, banks, Barclays, Bob Rubin, CEOs, Citigroup, Gary Crittenden, Ken Chenault, Leadership by Geoff Colvin, Lehman Brothers, management, Manuel Medina-Mora, Michael Klein, Monsanto, Postcards, Power Shift, Sallie Krawcheck, Sandy Weill, Sears, Tom Maheras, Vikram Pandit, Wall Street, Weill Bugando Medical Center

• Can Citi shrink its way to transformation?

  That whopping reduction that Citigroup (C) announced Monday -- 50,000 jobs, representing 20% of its work force -- turns out to be the biggest cut by a corporation in 15 years. So say the job-trackers at Challenger Gray & Christmas. The largest reduction before Citi's: IBM (IBM), which set out to eliminate 60,000 jobs in 1993.

  Vikram Pandit's shrinking of Citi -- part of "one of the greatest transformations in history," MORE

  Patricia Sellers - Nov 17, 2008 6:27 PM ET
  Posted in: Bank of America, banks, Bob Rubin, CEOs, Challenger Gray & Christmas, Citigroup, Dick Parsons, FORTUNE MPWomen, IBM, Jamie Dimon, JPMorgan Chase, Leadership by Geoff Colvin, Lou Gerstner, management, Merrill Lynch, Postcards, Power Shift, Sallie Krawcheck, Sam Palmisano, Sandy Weill, stock market, Time Warner, turnaround, Vikram Pandit, Wall Street, Win Bischoff

• Summers a controversial choice for Treasury

  Barack Obama has been close to naming Larry Summers as the next Secretary of the Treasury, but the appointment is being held up by opposition to the brilliant but controversial economist. Fortune managing editor Andy Serwer said in his column Thursday that Summers, who headed Treasury under President Bill Clinton, is the lead candidate for the post in the new administration. Treasury officials have been led to believe that Summers MORE

  Patricia Sellers - Nov 7, 2008 1:29 PM ET
  Posted in: Barack Obama, Bill Clinton, Bob Rubin, Caroline Kennedy, CEOs, chuck hagel, Colin Powell, Federal Reserve, Goldman Sachs, Google, jon corzine, Larry Summers, Leadership by Geoff Colvin, Paul Volcker, politics, Postcards, Power Shift, Robert Gates, Secretary of the Treasury, Sheryl Sandberg, Tim Geithner, Treasury, Wall Street

• Bob Rubin: Waning pay, waning clout?

  Interesting to see Bob Rubin giving up his big title, chairman of the executive committee, at Citigroup (C). His new title: senior counselor. Citi contends that Rubin's day-to-day duties, which center on advising the company's board and executives, remain the same and that eliminating the executive committee is just an administrative change to simplify things. The committee's power, which was to act for the board between meetings, now transfers to MORE

  Patricia Sellers - Aug 27, 2008 2:27 PM ET
  Posted in: AIG, bank, banking, banks, Bob Rubin, Bob Willumstad, CEOs, Chuck Prince, Citigroup, compensation, Dick Parsons, Leadership by Geoff Colvin, management, Michael Klein, Postcards, Power Shift, Robert Rubin, Sandy Weill, Time Warner, Vikram Pandit, Wall Street