If you didn’t know Chief Executive Officer Vikram Pandit, you might think he enjoyed not being compensated for the work he does at Citigroup because for quite some time, he wasn’t. And although the “I will only get paid $1/year until Citi turns a profit” exercise was fun for a while, he was pretty happy when the old jalopy started making money again, in part because it meant he could receive a paycheck. Then last April, his shareholders rejected the bank’s executive pay plan, claiming the Big C “lets Chief Executive Officer Vikram Pandit collect millions of dollars in rewards too easily.” And while it’s possible that Citi shareholders are just a bunch of pricks who chose to overlook the fact that Uncle Vikula didn’t collect squat for several years and once had an entire article written about the fact that lieutenants attributed a “new bounce in his step” to him daydreaming “the day when he is going to earn more than a $1 a year,” maybe they just assume that he doesn’t care about getting paid either way? Anyway, here’s Vickles, setting the record straight (and reminding anyone who forgot about the sacrifices he’s made):
“The board has this process with them, they’re going through it, and they are committed, as I am, to making sure that they resolve this,” Pandit said. “I want to get paid what the board thinks is right for me, for the job that I’ve done and for the incentives that they think I ought to have.” Pandit told lawmakers in 2009 that he would take a $1 annual salary until he restored the bank to profitability.
Citigroup made a $21.7 billion profit for 2011 and 2010 combined, compared with a $29.3 billion loss for the two preceding years. “When the company was losing money, I stepped up and said I’ll take a dollar a year and I did, exactly for that reason, exactly the right thing to do,” Pandit said.
For those having trouble separating the nice guy/don’t want to offend anyone statement from what he’s actually trying to say, a rough translation of the above would be: I’ve had it with this shit! Get me paid, bitch!
Citigroup Will Resolve CEO Pay By End Of Year, Pandit Says [Bloomberg]
Someone should look to see if he paid taxes on the $1. If not they should lock him up.
Lock that hot piece of brown chocolate up!
He looks so regal in that neck.
All he wanted was a Pepsi
Just one Pepsi
I'd settle for some Trident Layers…
only $7.6bil to breakeven vik, we'll talk about getting paid for profitability then
-shareholder who happily votes down your package
citi board: this outsourcing of jobs to low cost indians fucking works!
I know that "bounce in their step" phenomenon well.
I see it in our 2nd year analysts every spring.
- UBS MD
examine your motivados
Pandit & Wollensky
tough but fair
many people inside citi actually thought he was over paid when he collected his $1
It's Friday afternoon and the bulge is there?
Hey Vic,
That 1 for 10 reverse split really worked out well for the shareholders. I say we do the same to your salary and see if you like.
I really wish he just utilized the "Fuck you, pay me"
No coke, pepsi?
They should double his comp to $2. This way the board can tell him he should be thrilled that on a percentage basis, he had the largest increase in comp in the entire bank. I fall for it every year.
– AIG FP Compensation Quant
Mandy, I really adore and love you in purple.
Listen. If he was hot, he'd have been fired a long time ago
Unless it is some sort of deferred comp with restrictions I put your personal accountability on par with OWS and Greek nationals.
insert any boiler room quote here
I thought the $800 million for his crappy hedge fund would have covered his day to day expenses quite nicely.
Comment of the day and I'm not sure why
Three for three… you're out!
Good to hear from you again! I thought you might have been deported.
He was a moron at MS and he's still a moron at citi. He should be home getting his shine box!
thats racist man
time to run back to your mom's whore house. Too late in the day for you to be outside.
Should have been deported.
FTFY
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they should pay him with unlimited citi bucks… can be used in the cafeteria, coffee shop, and citi gift store. ultimately, there is no need for a salary if the workers get paid in citi bucks.
$1 = fair value of Pandit salary for life = worth of Old Lane to Citi after buying it for $800mn
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