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What happens when your plan to run for mayor is disrupted by a change to term limit laws, and then the other job you really wanted—a sweet cabinet postion in the Obama administration—doesn't pan out? You take over as Citigroup's new chairman, of course! The beleaguered bank announced this afternoon that Dick Parsons will take over for Win Bischoff as Citi's chair on February 23rd—assuming, of course, that the bank is still in existence by then. The good news for Citigroup shareholders? Given the bank doesn't have any money and no one is particularly interested in buying it, it's unlikely Parsons will preside over another disastrous $182 billion merger, only to dismantle it a few years later.