Citigroup CEO Vikram Pandit abruptly resigned yesterday, leaving the helm of the bank that he guided through the financial crisis of 2008. For his five years of leading Citi, Pandit will receive compensation in the neighborhood of $260 million:
If no alterations are made to Pandit’s compensation package, Citigroup will have paid him about $261 million in the five years since he became CEO, including his personal compensation and about $165 million for buying his Old Lane Partners LP hedge fund in 2007 in a deal that led to his becoming CEO. The bank shut Old Lane soon after Pandit took the post, causing a $202 million writedown.
But while Pandit made off like a bandit, shareholders were not so lucky. Via Matt Yglesias, here’s Citigroup’s stock performance since Pandit took over:
Overall, Citi lost 88 percent of its value under Pandit. Earlier this year, the Wall Street Journal dinged Pandit for having the pay package that was most detached from his company’s performance, as a three-year decline of 27 percent coincided with his making $43 million. The Dodd-Frank financial reform law gave shareholders the right to hold a non-binding vote on executive compensation, and Pandit was the first bank CEO to get tagged with a vote of disapproval.
Trump is silencing political dissent. We appeal for your support.
Progressive nonprofits are the latest target caught in Trump’s crosshairs. With the aim of eliminating political opposition, Trump and his sycophants are working to curb government funding, constrain private foundations, and even cut tax-exempt status from organizations he dislikes.
We’re concerned, because Truthout is not immune to such bad-faith attacks.
We can only resist Trump’s attacks by cultivating a strong base of support. The right-wing mediasphere is funded comfortably by billionaire owners and venture capitalist philanthropists. At Truthout, we have you.
Our fundraising campaign is over, but we fell a bit short and still need your help. Please take a meaningful action in the fight against authoritarianism: make a one-time or monthly donation to Truthout. If you have the means, please dig deep.