Bank analyst Dick Bove told CNBC that Citigroup's $20 billion secondary offering "is a terrible deal for shareholders, Vikram Pandit should have never done this thing."
Not only does Bove feel the secondary provides "no positives for shareholders" but he interprets the move to mean the interests of Citi's management team are not aligned with those of shareholders. He thinks its more about getting away from government pay restrictions than anything else.
