Bank is so happy with CEO's total failure it's giving him $6.7M11/12/2012
What is the consequence for a Wall Street CEO who oversees a bank as it runs into the ground, with its profits devalued 88 percent and the firm publicly humiliated, events which ultimately lead to his resignation? A $6.7 million "incentive award," of course. Citigroup's Vikram Pandit is the latest case of a superrich financial boss who failed to bring a firm back from economic collapse yet still is getting rewarded handsomely. On top of the millions of dollars Pandit has received in salary and stock payouts during his tenure, the former CEO, whose bank was one of the largest government bailout recipients, will take the payout, as well as deferred cash and stock compensation valued at $8.8 million, according to reports. Yeah, we're pissed, too. [Source]
Click to see more on msnNOW.com, updated 24 hours a day.
What do you think of Pandit's incentive award?