CITI group CEO escapes with $260 million

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C

celestemekent

Banned
#1
Sep 7, 2012
532
0
0
#1
Think Progress reports

Citigroup CEO Walks Off With $260 Million After His Bank Loses 88 Percent Of Its Value

By Pat Garofalo on Oct 16, 2012 at 1:30 pm
Citigroup CEO Vikram Pandit abruptly resigned today, leaving the helm of the bank that he guided through the financial crisis of 2008. For his five years of leading Citi, Pandit will receive compensation in the neighborhood of $260 million:
If no alterations are made to Pandit’s compensation package, Citigroup will have paid him about $261 million in the five years since he became CEO, including his personal compensation and about $165 million for buying his Old Lane Partners LP hedge fund in 2007 in a deal that led to his becoming CEO. The bank shut Old Lane soon after Pandit took the post, causing a $202 million writedown.



Overall, Citi lost 88 percent of its value under Pandit. Earlier this year, the Wall Street Journal dinged Pandit for having the pay package that was most detached from his company’s performance, as a three-year decline of 27 percent coincided with his making $43 million. The Dodd-Frank financial reform law gave shareholders the right to hold a non-binding vote on executive compensation, and Pandit was the first bank CEO to get tagged with a vote of disapproval.


The bottom line should be that this agreement needs to be altered and Pandit needs to reimburse the bank for his malfeasance.

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N

nw2u

Guest
#2
#2
It's too late for give backs.

What I am wondering is why did Dodd-Frank allow this to happen or am I misunderstanding? A bipartisan bill which allows this? Something is fishy. What did Congress get?

If this ceo got that much money, how much did the company make? They are not complaining. This sum must have been a drop in the bucket, so to speak, for them and worth every penny. What else is going on?

Just food for thought.
 
C

celestemekent

Banned
#3
Sep 7, 2012
532
0
0
#3
Sadly Dood-Frank has been disarmed by the republicans and it has yet to get its director because of those same republicans without a director it is hard to get much done. Romney has said he wants to totally eliminate it as a law. Elizabeth Warren was the one who wrote most of the Dodd Frank law and the republicans basically rejected any chance that she might be put in charge of it. That was when she decided to run for the senate.
 
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