Did Citigroup CEO Vikram Pandit lie to Congress about his compensation?
Did Citigroup CEO Vikram Pandit lie to Congress about his compensation?
As ThinkProgress noted, in February, bailed-out Citigroup CEO Vikram Pandit told a House committee that he received only $1 million in salary and “no bonus” in 2008:
PANDIT: My compensation was for the year 2008 was my salary, which was a million dollars. I received no bonus. And as I stated earlier, I plan to take a dollar per year salary and no bonus until we return to profitability.
Watch it:
But Reuters reports today that Citigroup awarded Pandit “$10.82 million of compensation in 2008,” despite the bank accepting $45 billion in TARP funds. The package included a “$958,333 salary, $9.84 million of stock and option awards and $16,193 of other compensation,” according to an SEC filing. As of February, Citigroup still owned or was leasing a private jet.
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And anyone wonder why John Q. Public wants this guy’s toupee on a stick?
March 16th, 2009 at 8:47 pmMore ‘retention’ bonuses… Jeebuz.
You’d think there was a shortage of people looking to be CEO and make $1 million dollars… where do I send my resume?
or maybe these ‘retention’ payments are just to these CEO’s from screwing up other companies… keep them in the ones they’ve already destroyed.
Cripes.
March 16th, 2009 at 8:48 pmTip of the iceberg.
March 16th, 2009 at 8:53 pmI expect to see even more of this coming out.
Of course, it will be too late.
The answer is yes, he lied, ad the valuer of his stocks and options are directly related to the ‘on the books’ and DOW performances of the company.
March 16th, 2009 at 8:53 pmWhy can’t you label the post “Citigroup CEO Vikam Pandit lied to Congress about his compensation”. There isn’t any question in the matter. I would think perjury charges are in order.
March 16th, 2009 at 8:58 pmoh, and if he didn’t receive a ‘bonus’ then how would he feel about investing his hard-earned salary back into CitiGroup—you know, the way most small business owners do with their own companies?
How would he feel about re-investing ‘his’ money in Citigroup, a failed company?
Like Jon Stewart said… F**k you!
March 16th, 2009 at 9:00 pmDid…CEO…lie…?
These guys might want to get a new title with a new acronym.
March 16th, 2009 at 9:01 pmThe $50 million dollar Citi jet amounted to 0.001 of the $45 billion in TARP they received, a tiny fraction of the “take” Has anyone else notice that the bonuses AIG is trying to award amount to almost the exact same fraction of their $170 billion in TARP funds?
March 16th, 2009 at 9:01 pmAnd in each case, Obama is looking like the Superhero for righteously saving the honest citizens hard earned tax dollars while AIG will walk with some $169,830,000,000.000 !
A cynical person might think these realtively minor, fractional issues were whipped up as ready made PR campaign for our Fearless Leader…
Klatu Says:
Have you ever read what you’ve posted? Makes no sense…
March 16th, 2009 at 9:08 pmThese crooks are just filling their pockets up with cash so that they can continue in the lifestyles to which they are accustomed. I’m appalled at the level of greed and deceit. Something must be done.
March 16th, 2009 at 9:08 pmWouldn’t you think that there would be some legal term for lying to Congress, including certain legal penalties ?
This one is pretty clear. Not a matter of interpretation. In fact, a simple ledger statement (something a CEO of a financial institution may have heard of before.
He said 1 million. The books say 10 million.
March 16th, 2009 at 9:11 pmIt’s imperative that President Obama stops these greedy CEOs otherwise it will look really bad for him – the money that was supposed to help the economy and create or save jobs – used to payout excessive bonuses?! Not a good look!
March 16th, 2009 at 9:11 pmDid these guys testify under oath? Or were they kid-gloved like the oil company CEOs were?
March 16th, 2009 at 9:12 pmI don’t care WHAT friggen FRACTION of the total amount dispersed was/is going to these thieves.
What don’t you get about NOT REWARDING FAILURE with TAX payor money?
sheez
March 16th, 2009 at 9:17 pmShorter Bandit: Depends on what you think the definition of compensation is is. (Sorry BC)
March 16th, 2009 at 9:20 pmPandit “The Bandit” strikes again.
Ho Hum.
March 16th, 2009 at 9:20 pmIf you steal, steal big! They’ll throw you in jail for ripping off a six pack of beer from a mini-mart, but if you rip off 10 million dollars from the American taxpayers you’ll get a stern warning.
March 16th, 2009 at 9:22 pmWhat other Corporations allow CEOs to negotiate and sign “contracts” with thier employees that in essence state.
Whether we succeed OR fail, Whether we have the funds OR not. We will pay you $XXXXXXXX.00 bonus, no questions asked?
The current system is broken and corrupt. FLUSH IT
March 16th, 2009 at 9:30 pmThe part that freaks me out is that these people really have convinced themselves that they are important and somehow above the rest. What a bunch of idiot wasps. They have no clue how useless and unneeded they really are. Now is the time to show them. We have entertained their sorry ass Gatsby asses long enough
March 16th, 2009 at 9:36 pmIt is soooo difficult to retain a CEO who can lie with a straight face, over and over and over!
March 16th, 2009 at 9:41 pmKlatu Says: 9
Stupid, Racist, clownish and embarassing. The moron troll trifecta. Good job
March 16th, 2009 at 9:50 pmSure, Klaat – those wasp CEO’s are SO much more honest.
Deft application of raw racism there, nutter.
March 16th, 2009 at 9:54 pmAnd then there is this
AIG likely won’t be able to pay taxpayers back
“No longer can we call it an investment,” he said. “We just have to call it what it is — and that’s sinking money in a hole.”
March 16th, 2009 at 10:12 pm.
Pandit started his carrier selling umbrellas…
… He said it was for the rain, but rain never stinks like piss on my leg.
.
March 16th, 2009 at 10:18 pmfletc3her Says:
——————————————————————————–
If you steal, steal big! They’ll throw you in jail for ripping off a six pack of beer from a mini-mart, but if you rip off 10 million dollars from the American taxpayers you’ll get a
stern warningBONUS.… There, fixed it for ya. :)
March 16th, 2009 at 10:21 pmI’m not a lawyer, nor do I specialize in contract law, but I’ve heard a term used before relating to contracts, and I have to ask if it applies to this guy’s compensation package, and especially to the “contractually-obligated retention bonuses” at AIG.
Aren’t these contracts supposed to be entered by all parties “in good faith”? Because it doesn’t sound like these contracts were.
March 16th, 2009 at 10:29 pmTwo words for Pandit
Obscence
Why
March 16th, 2009 at 10:42 pmoops! that should be
Obscene
March 16th, 2009 at 10:42 pmDid they swear these thieves in? I recall them letting the oil executives testify without swearing in, and some were caught in lies as big as Pandit’s.
Swear ‘em all in, then prosecute if they lie. This is as bad as Karl & Harriet refusing to even show up to claim executive privilege. Congress has only itself to blame for not enforcing its rules.
March 16th, 2009 at 10:44 pmVeritas1978,
Couple #30 with this
Congress played major role in AIG bonus mess
Not looking good.
March 16th, 2009 at 10:59 pmHabib Says:
I could list 9,000 lies made by obama. Want to see them? Funny, I haven’t seen that headline here. Partisan hacks? Indeed, with proof.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
You are just a bone ignorant piece of garbage. You are a punk. A troll and a fool. Keep making a fool out of yourself though as it clearly is your ONLY talent
March 16th, 2009 at 11:17 pm[he's really just posting at himself now - just cackling away like a low-rent phantom of the opera in the "den" of some split-level ranch outside orlando]
March 16th, 2009 at 11:21 pmEugeneDebs,
March 16th, 2009 at 11:23 pmHabib is apparently being forced by Allah to come here and make an idiot of himself/herself/itself..
Well, Allah made him Habib an idiot, Habib is just showing the rest of us how ignorant h/h/i is.
Tombaker,
March 16th, 2009 at 11:24 pmI got it. [wink wink]
The Frog and the Scorpion. A tale as old as time.
They are what they are, they do what they do, and our fingerwagging about shame, hypocrisy and deceit is lost on them. We are the fools, to continue to give them a ride on our backs.
March 17th, 2009 at 12:20 am“90in6″???? Economy must be getting better . . . seems even the mentally challenged can now afford Internet access . . . or the libraries must be staying open later . . . .
March 17th, 2009 at 12:31 am10-4 RC
[they's really gittin' agi-tated, ain't they? hoooo-weeee!]
March 17th, 2009 at 12:54 am90in6 Says:
9000 earmarks he promised he would “change.”
“There will be no ear marks in my administration!” obama
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Ah I don’t think he said any such thing. He said he would REFORM the earmark process not to end all earmarks
http://mediamatters.org/items/200903130011?f=h_latest
Indeed, NBC News White House correspondent John Yang noted during the March 11 edition of MSNBC Live that “the president has never said he wants to eliminate earmarks.”
So which of you is right? NBC White House correspondent or some guy on a website. The sound wennt out on my computer perhaps you can cough up the QUPTE where Obama said he would end earmarks and link to a credible source
March 17th, 2009 at 12:56 amCan we get a wingnut at least ONCE that does more than regurgitate the lies that some rightwing screechmonkey TOLD them to think?
March 17th, 2009 at 12:59 am90in6 Says:
That is a completely DIFFERENT argument. It is NOT promising to end earmarks. So can you cough up a quote to back up your assertion that Obama promised to end earmarks or cant you? We could argue all day about what YOU think works or is wasteful and what others think but that is a subjective judgement. WHERE did Obama promise to end earmarks?
March 17th, 2009 at 1:16 amWe lost 500,000 jobs in January and 600,000 in February. We have to stop the hemorraging. The stimulus package is an attempt to do that. Where is that quote where Obama promises to end earmarks?
March 17th, 2009 at 1:19 amDid Citigroup CEO Vikram Pandit lie to Congress about his compensation?
Yes.
His lips are moving, what more evidence do you need?
March 17th, 2009 at 1:24 am90in6 Says:
You keep repeating that but cough up a link. I know the rightwing keep SAYING he said he would end earmarks but that would be hard to do. ALL spending bills MUST originate in the House of Representatives according to the constitution. You where is the link. WHO is making that claim? Your youtube about anything Pelosi said can NOT be considered evidence Obama made that claim. Keep repeating that line by line thing as if it had relevance too but it is NOT the same thing as saying Obama will ban earmarks you havent shown the evidence yet this is true.
March 17th, 2009 at 3:02 am90in6 off-topic trolling flagged
March 17th, 2009 at 3:06 amSorry in advance for addressing the off-topic troll.
March 17th, 2009 at 9:40 amI believe that it was your guy John McCain who promised an end to earmarks. President Obama stressed that he wants to ban all unnecessary earmarks(hardly the same thing fool). This budget is part of last years business (prior administration). To try to rework this bill would slow down much needed financing for projects that will inject money into the system.The President has clearly stated that he will be going through all bills GOING FORWARD. I don’t see a lie here troll. What I DO see is a disingenuous troll (are there any other kind?) trying to misrepresent what the President has clearly stated. Your shit may win over some fools at redstate, but the folks here can smell your bullshit from miles away. Sorry troll, try again. By the way, about George Bush and lying…..
Read this: The recovery package, as passed and signed, did not contain any earmarks.
The continuing resolution, i.e., the federal budget for FY 08-09 – prepared initially by the previous administration, does conrtain earmarks.
March 17th, 2009 at 11:14 amIn 2000, Citigroup had co-CFO’s John S. Reed and Sanford Weill. Reed earned $293 million that year and Weill earned $224 million that year. That’s $517 million for two people for one year! Source: Business Week.
March 17th, 2009 at 2:38 pmCan anyone confirm whether that was “sworn” testimony?
It sure would be nice to see Mr. Pandit (and the entire AIGFP team) break rocks for the next 20 years.
March 17th, 2009 at 3:19 pmHabib Says:
“We will ban all earmarks in the recovery package,” he said.
Remove goggles and read it slow.
>>>>>>>>>>>>>>>>>>>>>>>>>>
My GOD you are stupid. Paz made the proper point. You can forget about reading slowing you are too stupid to read and comprehend anything. I suggest you hire a reasonably bright six year old to read the posts FOR you and explain all the big words. You are simply a moron
March 18th, 2009 at 3:55 am