Citibank, Madness continues...Sickening

Tuesday, March 17, 2009

Citi awards CEO $10.8 million

Pandit said in February he will accept a $1 annual salary and no incentive pay until the bank is profitable. His nearly $11 million of 2008 compensation included $7.73 million of sign-on and retention awards last January, the month after he took over.
Is there a contradiction in this paragraph...let us look at Citi since Pandit arrived on the scene:
Citi buys Pandit's Old Lane hedge goes bust and investment gone
Pandit takes over Alternative Investments...which goes bust
Pandit takes over the whole shebang at Citi..stock price declines 90%, government provides $50 billion plus of equity and underwrites over $300 billion of "toxic" assets

Citi's Board awards CEO $10.8 million

Any wonder why the entire financial edifice in the United States faces is rotten at the core...

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