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Citigroup CEO Vikram Pandit Steps Down, Is Well Paid For . . . What Exactly?

POSTED:
Vikram Pandit
Vikram Pandit
Jemal Countess/Getty Images for TIME Inc.

A friend forwarded this to me and advised me to post the following paragraph without comment. This is Bloomberg on the compensation package for departing CEO Vikram Pandit, and we will indeed leave it, as the Russians say, без комментариев:

If no changes are made, Citigroup will have paid Pandit 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.

 

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Matt Taibbi

Matt Taibbi is a contributing editor for Rolling Stone. He’s the author of five books and a winner of the National Magazine Award for commentary. Please direct all media requests to taibbimedia@yahoo.com.

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