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Proxy Mining: Citi's Pandit Made $38.2 Million Last Year

Vikram Pandit, who took over troubled Citigroup mega-bank in December 2007, received $38.2 million in total 2008 compensation -- all but $1 million of which came in stock and option awards.

According to Citigroup's proxy, released today by the Securities and Exchange Commission, Pandit's 2008 salary was $958,333. In January 2008, he was given $37.3 million in stock and options awards when Citigroup's stock was valued at about $25 per share.

It is trading today at about $2.50 per share, so his compensation today is worth considerably less than $37.3 million.

Citigroup has so far gotten $45 billion in direct government bailout money and billions more in backstops.

Other nuggets unearthed when mining into Citigroup's proxy:

-- Pandit and chief financial officer Gary Crittenden have received no cash bonuses.

-- Retention bonuses were paid, however, to three other top Citigroup officials: Co-head of global markets James Forese ($5.3 million), chief executive/Asia Pacific Ajaypal Banga ($3.6 million) and vice chairman Stephen Volk ($3.6 million).

-- Pandit was reimbursed for $2,393 worth of "ground transportation," but Crittenden charged Citigroup for $126,256 worth of ground transportation.

-- Frank Ahrens
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By Frank Ahrens  |  March 16, 2009; 2:25 PM ET
Categories:  The Ticker  | Tags: Citigroup, Vikarm Pandit, executive compensation  
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Comments

Thank you Andrew Cuomo for going after Liddy the swindler at AIG, It is indeed causing a lot of anger out here in the real world because so many of us have lost our retirements, jobs and homes because of greed on Wall Street.

Just as Elliot Spitzer tried to do, as in the case of Richard Grasso,former head of the SEC, we hope you keep their heels to the fire and put pressure on them to stop using our money to reward THEIR failures!

I especially want to see Edward Liddy try to explain where the $170 BILLION went that we just borrowed to save AIG. I wonder how much of it is in HIS bank accounts??? That man lies through his teeth!

Anyway, thank you. Keep up the good work!

Posted by: cashmere1 | March 16, 2009 2:36 PM | Report abuse

Why Cuomo and not the US AG doing the work?

Posted by: kidvid | March 16, 2009 4:52 PM | Report abuse

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