Citigroups ability to transform the latest Fed stress test into a disaster is further evidence of the incompetence of its management. It adds weight to the following tale.
An extremely wealthy man had triplet sons – Jim, John and Joseph, who were born in that order. When they were born he promised his wife that the boys could have anything they wanted when they turned 21.
On their 21st birthday he and his wife invited the boys into the living room to honor his promise. Jim was first born and entitled to make the first choice. When asked what he wanted Jim said he had always liked professional football and wanted to own his favorite team, the New England Patriots. His father immediately called Robert Kraft and made an outrageous offer that Kraft accepted.
The second son, John, was then asked what he wanted. He said that he had always liked professional baseball and wanted to own his favorite team, which was the New York Yankees. His father immediately called Hal Steinbrenner and made an offer that was accepted.
The third son, Joseph, was then asked what he wanted. Joseph said that he had always liked the circus, particularly the clowns, and dreamed of one day owning his own circus. After thinking for a minute, the father called Richard Parsons and offered to buy Citigroup!