In short no leadership, a silent bank run and even the FDIC did not want to get involved.
``The board has let Pandit flounder with no real plan for creating value either for its customers or its shareholders,''
http://clusterstock.alleyinsider.com/2008/11/-it-was-a-complete-death-spiral-
By the end of the week, a small number of clients, including wealthy customers of Citigroup's private bank, had started defecting. Executives and government officials worried about a potential exodus.
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