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Opinion February 1, 2014– Sallie Krawcheck was the CFO of Citigroup from 2004 to 2007, and was partly responsible for the bank loading up on risky CDO’s and other mortgage backed derivatives which should have destroyed the bank (White House insiders reported that Tim Giethner, then Treasury Secretary, defied President Obama who wanted to allow Citi to go belly-up.). She was ousted from Citigroup and landed at Merrill Lynch in 2008 running “Wealth Management”, (as Merrill Lynch too was saved from bankruptcy by Bank of America). Sallie did not last long there and her job was eliminated.
Now, once the “most powerful woman on Wall Street”, Ms. Krawcheck can’t find a job at any bank, and is trying to feed her ego by desperately reinventing herself. She briefly tried to become a “Wall Street reformer” like Elizabeth Warren, but that fell flat on the cable business shows.
In her latest attempt at trying to find a new career strategy, she is taking a cue from Facebook’s Sheryl Sandberg and hoping to become a high-profile activist for women’s equality in Wall Street. She “purchased” a women’s networking group called “85 Broads”, (named after the old address of Goldman Sachs at 85 Broad Street).
In the interview above, her demeanor is odd. She seems to be a woman in denial, not accepting the fact that she is no longer a Wall Street player.
Given that Ms. Krawcheck was part of the senior echelon of Wall Street executives who took risky bets, and caused the global economy to crash, and yet has avoided criminal prosecution, it seems that she should be more grateful for avoiding jail-time rather than being frustrated at no longer owning the spotlight. Ms. Krawcheck’s ego is out of touch with the reality of her new situation as a fallen princess.