Wednesday
Oct172012
Pat Garofalo - Citigroup CEO Walks Off With $260 Million After His Bank Loses 88 Percent Of Its Value
October 17, 2012 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.
Read More:
http://thinkprogress.org/economy/2012/10/16/1021701/pandit-260-million/?mobile=nc