Financial Roundup: Pandit's Future? Citi May Get $10 Billion, Schapiro in Lawsuits, Frank Offers Bailout Roadmap and More

(MoneyWatch)  Will Vikram Pandit survive? Citigroup's CEO has gotten a public boost of confidence from his board, which management guru Jack Black says is typically one step from dismissal. Troubled Citi should post a $10 billion operating loss. [Source: Market Movers]

Citi might get $10 billion from Smith Barney sale -- By selling the retail investment arm to Morgan Stanley, Citi might get up to $10 billion in proceeeds from the sale plus tax breaks. These could help replenish capital. [Source: Bloomberg]

SEC pick in lawsuits -- Mary Schapiro, Barack Obama's pick to head the SEC, has been accused in two lawsuits of making misleading statements. The allegations stem from Schapiro's support as head of the National Association of Securities Dealers for its merger with the New York Stock Exchange just after Schapiro got a 57 percent pay hike. [Source: The New York Times]

Frank offers spending roadmap -- Barney Frank, head the House Financial Services Committee, is giving the incoming Obama Administration a plan on how to spend the remaining $350 billion in federal bailout funds. About $50 billion would be set aside for mortgage relief. [Source: American Banker]

Expect a wild proxy season -- Union are presenting several dozen resolutions during this proxy season. Their chief target: clipping executive compensatioon especially at finance firms that got federal bailout funds. [Source: The Wall Street Journal]

Florida bank wants to boost lending -- In what may be a typical story nationwide, Union Credit Bank of Miami is applying to federal bailout funds to help lending. The small bank, founded by a Chilean businessman, wants to beef up capital as the economic downturn continues. [Source: Miami Herald]