Pandit Appoints 'Bandit'

Only on Wall Street.

With the markets abuzz with all this talk about fraud charges and alleged unethical behaviour, Citi CEO Vikram Pandit has announced that he's appointed Edward 'Ned' Kelly as chairman of the company's global banking unit. You couldn't make it up.

Citi's Kelly, of course, is an honorable man, unlike the original Edward 'Ned' Kelly, an outlaw who, in 1878, killed three Australian police officers and was hanged in prison two years later.

And talking of honorable men, straight-up guys don't always get treated right. Remember equity analyst Terry Smith who, in the 1980s, issued a note urging clients to sell shares in Barclays ? Smith subsequently lost his job over the note. His employer at the time ? You got it - Barclays.

And then there was the case of UBS media analyst Derek Terrington, who, several years back, circulated a prescient note about Maxwell Communications titled CRAP or Can't Recommend A Purchase. But UBS was one of Maxwell main banks, and Terrington was asked to clear his desk.

Both stories, however, have happy endings - Smith ending up a multi-millionaire, after founding broker / dealer Collins Stewart, and Terrington went on to have a long, illustrustrious career in the City.

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