Vikram Pandit Rallying Hard For Castle-Dweller To Get Bonus

Author:
Publish date:

At last week's Citi annual investor meeting, one shareholder suggested that the bank "hire the best public relations firm in all the land," in order to put itself back on the path to success. We don't necessarily disagree (though we would add that there are other things the Big C might considering doing as well)! Apparently, though, they've yet to hire anyone for the job, given this morning's latest whoops. As you're aware, Citigroup has asked Daddy Geithner permission to pay special bonuses to many "key employees," namely those at its trading unit, Phibro, who are threatening to leave unless Vikram coughs up the dough. Employess like Andrew Hall. He runs Phibro. And, as reported last year by the Journal, he also owns this German castle.

Hall, by all accounts, seems like a cool guy who, more to the point, earned Citi a decent amount of pocket change last year. Obviously, though, that won't much matter when the masses get a hold of the castle business, which reads so much worse than, like "mansion" or "big ass house" or even "chateau." I guess the one argument Citi could make is that people who own castles are exactly the sort of prima donnas who would throw a hissy fit and say stuff like "if I walk out that door I'm never coming back!" But yeah, somehow we see this one not working out.
Citigroups Andrew Hall Has Castle, Demands Bonus [Daily Intel]

Related

Vikram Pandit Is Committed To Getting Paid

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, reminding anyone who forgot about the sacrifices he made and setting the record straight: “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: get me paid, bitch! Citigroup Will Resolve CEO Pay By End Of Year, Pandit Says [Bloomberg]