Vikram Pandit: World needs 'a new business model'

The global economy, dependent for too long on U.S. consumer spending and financial wizardry for growth, needs "a new business model," according to Citigroup (C) CEO Vikram Pandit.

Pandit's diagnosis of the U.S. economy is hardly controversial: "We have too much leverage as consumers and as a financial system," he said at the Detroit Economic Club's National Summit. "This leverage funded consumption and created the illusion of financial returns."