Richard Parsons, The Biggest Loser, Takes Over Citigroup (C) Chairman's Job

Why belabor the point? Richard Parsons, who did an awful job as Chairman and CEO of Time Warner (TWX), a position from which he mercifully retired , has been named Chairman of "death watch" candidate Citigroup (C).

Poor Sir Win Bischoff, who never meant anyone harm, stepped down as Chairman and will not be re-elected to the board.

It is worth pointing out, no matter how many times it needs repeating, that Parsons was on the Citi board during the period when many of the decisions which undermined the bank’s balance sheet were made. He also left Time Warner worse off than it was when he took over.

At least Sir Win will not have to be around when Citi is finally driven into the ground.

Douglas A. McIntyre