NEW YORK (TheStreet)–There is nothing the media indulges in more than breathless hyperbole. And so it was that when Citigroup chairman Richard Parsons announced that he would not run for reelection, the media went into overdrive declaring his departure all defining because it proved that Citigroup is in the total clear.
Fawning as usual, the media ignored the fact that its fate is hardly settled and, besides, Parsons has been on the board since 1996. Before declaring the man a genius and imbuing his departure with historic significance, it’s probably worth mentioning that he’s been at the ship’s wheel, helping to steer the company into reefs, for the better part of a generation.
Instead, The Wall Street Journal headline went the hyperbolic and symbolic route. Their headline shouted to the skies that Parsons the genius would only leave with all systems go: “Citi Closes a Crisis Chapter,” they cooed.
Motley Fool did the same: “Citigroup Gets Over it and Moves On.”
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Go here to read the rest: They Just Don’t Get Citigroup!