Not because the bank was finally able to turn a profit-- obviously it didn't-- but because it made remarkable strides to suck less than it did the year prior (witness a mere $1.6 billion loss for 2009 versus $27.7 billion), all thanks to Uncle Vikula. Unfortunately our Pandito is a man of his word, and when he pledged last February to only accept $1/year, wear a hair shirt and flirt with Meredith Whitney until he righted this bitch, he meant it. That doesn't mean the board can't let everyone know just how proud they are of their little Vickles, though.
“Mr. Pandit’s performance in 2009 merited an incentive award, but the committee respected Mr. Pandit’s commitment,” compensation committee members led by Alain Belda, the chairman of Alcoa Inc., said in the letter. “The committee took into account the substantial progress made against Citi’s strategic priorities.”
Don't go feeling too bad for VP just yet: in lieu of any cash money, he did have a lunch thrown in his honor by the Prince over the weekend. You can't buy shit with it, but nothing says 'thanks' like finger sandwiches cut in the shape of your face.