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Welfare for the rich is good. Welfare for the rich is good.

Welfare for …. Ah fuck it!

Citi’s Pandit hits paydirt – Mar. 16, 2009

NEW YORK (Fortune) — Citigroup, which has received hundreds of billions of dollars in federal aid, disclosed Monday that CEO Vikram Pandit received 2008 compensation valued at $10.8 million.

The bank also announced changes to its board and nominated four new independent directors, including former U.S. Bancorp (USB, Fortune 500) chief Jerry Grundhofer.

New York-based Citi, like many other banks that have received taxpayer funding, has come under fire for its spending on executive compensation and other perks.

But since Citi (C, Fortune 500) took its first round of exceptional federal aid last November, the bank has been trying to show it’s being more responsible. Pandit said late last year he plans to take just $1 a year in salary until the bank returns to profitability.

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Written by mrcauser

March 16, 2009 at 9:17 pm

Posted in Uncategorized

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