Nice Work If You Can Get It

Ken AshfordCorporate GreedLeave a Comment

Citigroup CEO Vikram Pandit abruptly resigned today, leaving the helm of the bank that he guided through the financial crisis of 2008.

Other banks have recovered since 2008.  Not so with Citigroup.  Overall, Citi lost 88 percent of its value under Pandit

So he's stepping down.  Johnny, what do we have for the bank CEO who ruined shareholders' holdings in Citi?

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.

And that's for a BAD job?