Old Lane is, to many outsiders, the biggest blot on Pandit’s career at Citi. After being forced out of Morgan Stanley in 2005 by its then chief executive, Philip Purcell, Pandit and a group of close colleagues, who included now-Citi senior executives such as John Havens and Brian Leach, joined the legion of former bankers who set up hedge funds. Old Lane began operations in March 2006.
Within 13 months, Citi had bought Old Lane for what seemed even then an inflated price of $800 million.
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