Conflict Between What Citigroup's Pandit Reported And Earned

Armen Hareyan's picture

The executive salaries and bonuses are under fierce scrutiny after AIG's outrageous bonuses. Now there is an apparent conflict between what the CEO of Citigroup Bikram Pandit has earned and has told Congress.

Vikram Pandit told congress one thing, as seen in this video and the media, NY Times and Reuters report another thing about how much Pandidt earned. The media is outraged to about the executive salaries and is after what is happening to the taxpayer bailout money.

According to Reuters "Citigroup Inc awarded Chief Executive Vikram Pandit $10.82 million of compensation in 2008, a year when the government propped up the bank with $45 billion of capital. Citigroup also nominated four new independent directors to bolster the banking and financial expertise on its board, including Anthony Santomero, 62, a former president of the Federal Reserve Bank of Philadelphia."

"Mr. Pandit, who declined a 2008 bonus, has said he will accept a base salary of $1 until the company returns to profitability. Citigroup’s pay practices have been under intense scrutiny since the bank received $45 billion of taxpayers’ money and watched its stock price plummet. After dipping below $1 earlier this month, Citigroup’s stock has shot up to about $2.50 on more optimistic reports of the company’s condition," blogs NYTimes.

The WSJ's take on the story is that "Citigroup Inc. said Monday that Chief Executive Vikram Pandit's pay, perks and stocks and options were valued at $38.2 million in 2008, a year in which the company received government bailouts worth about $45 billion. Mr. Pandit's pay package included stock-based awards and option grants valued at $37.3 million at the time of grants early last year, according to a company filing with the Securities and Exchange Commission."

Common guys, how powerful greed can be?

Vikram Pandit was named Citigroup's CEO in December of 2007.

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