Failing up and getting paid well to do it
by digby
Citigroup said Friday that the former CEO, who resigned last month in a management shakeup, will receive an “incentive award” of $6.7 million for his work at the bank this year. Former president and chief operating officer John Havens, who stepped down along with Pandit, is getting $6.8 million, according to a filing with the Securities and Exchange Commission.
The two men will also continue collecting deferred cash and stock compensation from last year, awards valued at $8.8 million for Pandit and $8.7 million for Havens.
The company suffered a profit loss of 88 percent during the third quarter, when Pandit supposedly earned his “incentive award.” During his time at Citi, Pandit made some $260 million in total compensation, even accounting for the year he took a $1 salary during the financial crisis.
But hey, I’m sure he’ll be denied a loophole or two and some sort of deduction so it’s not as if he won’t be sharing in the sacrifice. It’s not as if this obscene practice is going unchecked.
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