Citigroup’s Vikram Pandit to Take $1 Salary, No Bonus

Discussion in 'Wall St. News' started by ASusilovic, Feb 11, 2009.

  1. Citigroup Inc. Chief Executive Officer Vikram Pandit said he will take a salary of $1 and no bonus until the bank, which has accepted $45 billion in government bailout money, returns to profitability.

    “I get the new reality and I will make sure Citi gets it as well,” Pandit said today in testimony before the U.S. House Financial Services Committee. Lawmakers called eight bank CEOs to Washington to explain how they were using their portion of the government’s $350 billion of rescue funds to boost credit.

    Citigroup and the nation’s biggest banks have come under fire from lawmakers who criticized bonus payments and corporate expenses such as new executive jets at a time when the government was giving them billions to revive the economy. President Barack Obama last month called the bonuses “shameful” and the “height of irresponsibility.”

    JPMorgan Chase & Co’s Jamie Dimon, Morgan Stanley’s John Mack, and Bank of America Corp.’s Kenneth Lewis were among the other CEOs at today’s hearing who also won’t receive a bonus for 2008.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aPE1ur_e9PKk&refer=home

    Now, that´s what I call "krass Keynesianism":D :D :D