Tim Collins on Citi Board

Tim Collins is an interesting choice for the Citigroup board. The swashbuckling story of Ripplewood, JC Flowers, Volcker and how they restructured LTCB into Shinsei was one of a big quick buck for our private equity guys and some dispersion of keiretsu murkiness. But now that Shinsei has stumbled into a proposed merger with Aozora, is it clear that they did unequivocably good work? Is he really the right guy for a long-term salvation of what is -- after all -- 35% ours? Or is he a value extractor first and foremost?

I read Gillian Tett's book on Shinsei and then I heard Collins speak once in 2005. Smart guy, but sort of self-involved and not someone who gave the appearance that he would be overly concerned with safeguarding shareholder (i.e. taxpayer) interests. Other than that I don't know.