The master of ceremonies made a mistake as he named John Thain one of the year’s finest dads, introducing him as the chief executive officer of Citigroup. “Vikram Pandit will be very unhappy,” Thain said, accepting an award from Father’s Day/Mother’s Day Council Inc. on June 14. “I’m actually the CEO of CIT, which is similar, but not quite the same.”…host Mark Shriver apologized for bungling his introduction of Thain, 57, a former Goldman Sachs president who has been CEO of CIT Group Inc. since February 2010. “I thought it was a misspelling,” said Shriver, senior vice president of nonprofit Save the Children. “It said CIT — I’m like, this has got to be Citi.” [Bloomberg, related]
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): Read more »
“The [Greek] election is certainly positive for keeping the euro together,” Pandit said in a brief interview on CNBC’s “Squawk on the Street” on the floor of the New York Stock Exchange. Pandit was there to ring the opening bell to commemorate the bank’s 200th anniversary. “We’ve long thought that its important for Europe to have one strong currency. Having said that, we’ve got to be ready for every eventuality as a back up,” Pandit added. Over the last 18 months, Pandit says Citi is preparing by “very tightly managing” exposure to financial institutions in Europe. In percentage terms, Citi’s holdings have been scaled down to 10 percent from 40 percent during the tumult of the European debt crisis. “The risk we have is extremely manageable, particularly given our capital and our liquidity,” says Pandit. [CNBC]
Here is a fun thing we can do, which is put arbitrary numbers in a list and see how they look. Shall we? We shall.
First, here is how much various bank CEOs and assorted other miscreants made in 2011, if you don’t worry too much about what “made” and “in 2011″ mean*:
This list is, of course, inspired by this exercise by Bloomberg, ranking the top 50 highest paid financial institution CEOs. But if you’re Lloyd Blankfein or, I mean, really, Henry Kravis, you are probably not planning your retirement around your paycheck. Instead you could to some approximation view your job running your financial institution as keeping an eye on the people responsible for your private wealth, in the form of your share ownership in that institution, and Lloyd’s $16mm 2011 paycheck hardly makes up for the $155mm of lost value on his GS shares. Read more »
Bloomberg reports that Uncle Vik has put his 6-bedroom, 6-bath Greenwich, CT weekend house on the market and while experts are skeptical he’ll get the $4.3 million asking price, perhaps someone will consider throwing him a bone. Citi shareholders have screwed him yet again and he could use the cash. No zen garden to speak of (cruel world) but there are “rolling grounds” and a lagoon-like pool. Make him an offer.
In the spring of 2010, almost exactly two years ago to date, the New York Times reported that some of Vikram Pandit’s top lieutenants had noticed “a new bounce in his step” and “a smile on his face,” with one executive speculating that the Citi CEO’s cheer could be attributed to the fact that he was starting to “see the day when he will earn more than $1 a year” as being within reach. On January 18, 2011, that day came. After essentially not receiving a salary since 2008, when he pledged to abstain from getting paid until Citi turned a profit, the board of directors approved “an increase in the annual rate of base salary for Vikram from $1 per year to $1,750,000 per year, effective immediately.” It felt good. Really good. Smiles and bouncing as far as the eye could see good. Know what does’t feel so good? This crap. Read more »
That’s Interesting, Because Just The Other Day, Vikram Pandit Was Telling Someone That He’d Rather Hear Alec Baldwin’s Opinions On Airplane Etiquette Than Mike Mayo’s On How To Run A BankBy Bess Levin
As those of you who keep up with the trials and travails of Wall Street’s celebrity analysts know, Citigroup has not always had the best relationships with these sensitive and highly-strung individuals. At one time or another, Meredith Whitney, Dick Bové, and Mike Mayo have all had their emotions toyed with and, particularly in the case of the men, have not responded well. Bové got drunk and sent out a mass email detailing the ways in which Citi defiled her and treated her like a cheap whore not deserving of respect and a couple years back, Mike Mayo went public with his own drama, wherein he and Vikram went from being super close in 2007 to the Citi CEO going radio-silent. FOR NO REASON. FOR TWO YEARS. Read more »