Citigroup's Pandit writes a letter to Obama supporting reform

Vikram Pandit, CEO at Citigroup, wrote a letter to President Barack Obama in support of regulatory changes. "I believe banks should not speculate with their capital," Pandit wrote. "I believe in transparency of markets. I believe derivatives should be cleared and settled centrally. I believe there should be a strong federal consumer authority to protect consumer interests." Obama had asked titans in the financial industry "to put out a statement or a letter in support of reg reform," an industry source said.

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