Citigroup CEO Vikram Pandit promoted Hamid Biglari, who in his former life as a theoretical physicist distinguished himself in the field of nuclear fusion, in particular the process of extracting energy out of seawater, to vice-chairman in charge of strategy and resource allocation. We guess they hope he can use his scientific powers to extract money from the junk on the company balance sheet. Fine. But if they put a psychic on the payroll, we’re going to get really worried. [WSJ]
