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Vikram "1 dollar/year" Pandit Uniquely Qualified To Speak With Wall Street Protestors

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Earlier this morning, Fortune hosted a breakfast with Vikram Pandit to pick his brain on what's been a' poppin' at Citi and the economy in general. According to Pandit, the Big C will report a profit for the third quarter and he does "not expect the U.S. to go into a recession," which is all very exciting news. When asked about the individuals occupying Wall Street, he said that their grievances are "completely understandable" and that "trust has been broken between financial institutions and citizens." And that's not all.

At the end, he broke through the lip service by adding: "I'd be happy to talk to them anytime they want."

Sounds like just a bunch of corporate BS from a so-called "fat cat" who can't relate to what it's like, right? Wrong! Lest anyone forget, until recently, Pandit was one of them.

Me and Vikram, down by Zuccotti Park [Term Sheet]
Citigroup CEO: No U.S. recession coming [Fortune]
Earlier: Vikram Pandit Looks Forward To "The Day When He Is Going To Earn More Than $1 A Year"

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As you may have heard, earlier today, Citigroup announced that CEO Vikram Pandit would be resigning from his post at the bank, effective immediately, along with several longtime lieutenants. While the news came as a shock to Wall Street, it was assumed that on the inside, employees had been given some advanced warning and time to get used to the idea of life without Uncle Vik. That he hadn't just left in the middle of the night. That those hugs on the elevator Monday hadn't been their last. That he'd stashed something away for them to remember him by. A good-bye note. A glossy 8X10 photo to keep on their desks. SOMETHING. Apparently though, not so much. The news of Mr. Pandit's departure after five years atop the company came as a shock to Citigroup employees, including senior executives. In the firm's London office, some executives emerged from a meeting and read the news on their computers and Bloomberg terminals, well before the bank's internal memo was released. Soon a dozen employees were crowded in front of television monitors, following the story on financial business shows. Others were seen around a water cooler on the trading floor, discussing the news. Still others retreated to their desks to parse Citigroup's recent earnings release, looking for hints of internal conflict. "There's shock," said a Citigroup executive based in New York. "Even senior people were surprised." And while early reports suggested that Count Vikula had simply decided that Citigroup had come so far since he'd taken the gig five years ago that his work was done, and that while it was time to move onto the next stage of his life, he'd cherish the memories and the people he met at Citi, it now sounds like the split was a bit more acrimonious than that. Pandit abruptly stepped down following a clash with the New York company's board over strategy and operating performance at businesses including its institutional clients group, according to people with knowledge of the bank. At this time, some questions that need answering: * Does today's news change Meredith Whitney's opinion of the Big C, which, as of last April was that the thought of it still sickened her? * Where is the comment from Prince Alwaleed, AKA Citi's largest individual shareholder and Vikram's number one fan? * Is Sheila Bair happy? * Will Citi's food services employees treat new CEO Mike Corbat in the manner he's grown accustomed? The ladies who serve and prepare the food at Currier House all have crushes on senior Mike Corbat. The woman who checks off the names--the one sitting at the desk--smiles and winks at him. Then the greyish, plump one who serves the french onion dip giggles, when Corbat quips something that's not-so-funny. And during lunch, a man who also works in the dining room--he's the aged guy, with a slightly arched back who stands around in his red coat--comes over to Corbat and gives him some present all wrapped up in tinfoil. The guy in the red coat paternally pats him on the shoulder and walks away. "I just give them tickets to some of the games," he explains. You see, Mike Corbat is a 6-ft, 3-m, 230 pound dear. Whatever the case. Corbat--an all-Ivy offensive guard on the Harvard football team--may be a dear to the people who work in the dining hall, but he certainly isn't dear to his opponents. People who are dears on the field don't get contacted by at least a half-dozen teams informing him of the possibilities of his playing in the National Football League. * Could all of this have been different if those cheap fucks has just given him his Zen Garden? Citigroup CEO Vikram Pandit Resigns [WSJ] Mike Corbat: All-Ivy And A Perfect Team Player [Crimson via Counterparties] Earlier: Vikram Pandit: HAPPY.AS.A.CLAM Related: "...certain design elements have been nixed since the initial planning phase, including a Zen garden."

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[caption id="attachment_73871" align="alignleft" width="234" caption="Y'all can kiss this ear to ear grin good-bye"][/caption] 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" 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. Know what doesn't? This crap. Citigroup investors rejected the bank’s executive pay plan, a first among the six largest U.S. lenders, amid criticism it lets Chief Executive Officer Vikram Pandit collect millions of dollars in rewards too easily. About 45 percent of the votes favored the plan, which Citigroup had argued would help attract and retain top talent, according to a preliminary tally at the New York-based firm’s annual meeting in Dallas today. While the vote isn’t binding, outgoing Chairman Richard Parsons said changes will be made. Citigroup Shareholders Reject Management’s Compensation Plan [Bloomberg]

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