PLEASE GOD, LET ME FAIL LIKE THIS
Here’s a graph showing Citigroup’s stock performance during the reign of its just fired CEO Vikram Pandit. A man who helped bring the world economy to the brink of destruction and who’s bank engaged in some of the most egregious malfeasance of any of the “too big to fail” banks.
And yet Mr. Pandit just walked away with a cool $260 million golden parachute for his endeavors.
That’s right — more than a quarter BILLION dollar bonus for destroying billions of dollars worth of shareholder wealth.
If I were to fail my business the way Pandit failed his my business partner would take me out in a field and put a bullet in my head — not pay me hundreds of millions of dollars as a bonus for going away.
October 17th, 2012 at 8:42 am
Some things never change….and most Americans are so disengaged you could tell them the sky is pink and they would believe it.
October 17th, 2012 at 9:10 am
The way some of the biggest corporations are run and they money they give these executives speaks a whole lot about American greed and priorities. If you want to know why many people do not feel accountable for their actions all you have to so is look at Wall Street, Big Banks and many of the big corporations on the stock exchange and the behavior of their CEO’s and the Board of Directors. No one is held accountable for failure or fraud.
October 17th, 2012 at 10:06 am
The idea you would fail in your current business is totally hypothetical as, unlike Mr. Pandit, you have values, care about people (your staff) rather than only yourself, and have a commitment to serve your public rather than exploit them and toss them away. Beyond that, I’m pretty sure you’re far sexier than he is.
October 17th, 2012 at 10:21 am
Hi Scott,
This is standard practice for Wall St. and the BIG banks. Everytime a CEO leaves he gets a BIG golden parachute to last him until he gets the top position at another company that he can drive into the ground. Unfortunately, Washington can do nothing to prevent this, and the Boards of Directors approve these things without batting an eye.
October 17th, 2012 at 10:23 am
And furthermore:
Pandit says he resigned and had been thinking about it for some time. If you believe that I have a bridge I want to sell you.
October 17th, 2012 at 10:38 am
Tar and feathers are so much cheaper.
Citigroup doesn’t deserve to make 1¢ profit.
http://www.classwarfareexists.com/former-british-ambassador-craig-murray-forget-burglars-shoot-a-banker/
October 17th, 2012 at 1:55 pm
It doesn’t just happen in the States – British Banks are still rewarding their execs for failing – and the fuss bankers make if anyone dares suggest they should not get their contractual bonuses!
However the deputy governor of the Bank of England did suggest today paying bank bosses in IOUs from their own banks, to give them a “powerful incentive” to ensure they are run safely. Don’t hold your breath.
October 17th, 2012 at 10:04 pm
Pandit is a big old twat, just like 99.9% of the CEOs in the world.
October 17th, 2012 at 11:16 pm
He really should stop pretending that his last name isn’t Bandit.