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Harvey Weinstein Wants To Get Paid

Either Harv gets his or no one does. (It’s the latter.)
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You might think that alleged sexual predator Harvey Weinstein is not in a position to bargain. Facing nearly 100 women accusing him of everything from sexual harassment to outright rape—some of whom he may have had occasion to sic spies on—you might think he’d do whatever he could to put one headache, the future of the company he helped build and which his behavior has single-handedly destroyed, behind him. You might even think that, given his nine-figure fortune, money would not be an issue. And you might have assumed that Thomas Barrack, the private equity billionaire looking to bail out and then buy The Weinstein Company, wouldn’t mind if some of his money ended up with Harvey. After all, he didn’t mind giving a whole bunch of money to two other accused sexual deviants. Alas, like Goldman Sachs, even Barrack finds Weinstein too toxic to be associated with.


After disagreeing on price, Colony Capital, the private equity firm run by Thomas J. Barrack Jr., ended talks with the boutique studio to buy some or all of its assets, according to two people briefed on the negotiations, who spoke on the condition of anonymity because the process was private….

The acquisition effort had also broken down, in part because of Colony’s desire to structure any purchase in a way that would not enrich Mr. Weinstein, according to the people briefed on the matter. Mr. Weinstein, who has denied “any allegations of nonconsensual sex,” was fired by the Weinstein Company on Oct. 8 but retains a roughly 20 percent ownership stake in the studio.

Thomas Barrack’s Colony Capital Ends Bid for Weinstein Studio [NYT]



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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]