Amsterdam Residents Propose Bankers Get Paid Nada For A Few Years

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
Apr 4, 2011

On the streets of Amsterdam, there is little sympathy for the bankers. Emma Rohl, who works at an English bookshop in the city centre, says: "They shouldn't get bonuses at all. Why should people be paid vast sums for going into work and doing their jobs? It's utterly ridiculous." Erick Koenig at a nearby restaurant says: "We rescued the banks from their own follies, and now they expect to be paid extra. I think they should work for free for at least five years." [Guardian]

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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]

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Scratch that. It was a triflin' $11.62 billion. They can't even scrape together the money for the 'g'.

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Where do the authors get off trying to hurt Lloyd, Jamie, et al like this?

Amsterdam Residents Propose Bankers Get Paid Nada For A Few Years

Vikram Pandit Is Committed To Getting Paid

Look At These Paupers: The 25 Highest Paid Hedge Fund Managers Of Last Year Made A Trifling $11.62 Billion

Morgan Stanley Has A Treat For Senior Junior Bankers

Bill Gross Got Paid $290 Million Last Year To Write About Crows And Alienate Employees

Mutual Fund Managers Get Paid For Picking Good Stocks Only When It's Worth It

Blind Item: Which Hedge Fund Will Pay A Portfolio Manager $50+ Million For Losing 25% In A Year?

A Modest Proposal

Report: World Might Not End If Corporate CEOs Were Paid A Smidge Less