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Dealing With Phibro: The Best Choice for Citigroup

New York Times Blogs – Selling a controlling stake in Phibro won’t cut it for Citigroup, Breakingviews writes.

Sure, it would probably quell some of the uproar around the flashpoint that put Citi’s full ownership of Phibro, a commodities trading unit, under public scrutiny: the $100 million bonus due to Phibro’s boss, Andrew J. Hall, this year. But the debate has since moved on to whether such a venture belongs in Citi’s portfolio of businesses at all. That is hard for the bank to justify.

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