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Vikram Pandit Bottom Line: Over $260 Million For A 90% Stock Drop

Tyler Durden's picture





 

Here is the bottom line. From the day Pandit took control in December 2007 until today, C stock is down 90%...

...Even as Pandit has been paid a total of over $260 million during his CEO tenure, even including his famous $1 comp received in 2010. While CEO of Citigroup in 2007, Vikram Pandit earned an annualized compensation of $3,164,320, which included a base salary of $250,000, stocks granted of $2,914,320, and options granted of $0. In 2008, he earned a total compensation of $38,237,437, which included a base salary of $958,333, stocks granted of $28,830,000, and options granted of $8,432,911. In 2009 he received total compensation of $128,751, including base salary of $125,001; In 2010 he received total compensation of $1,00; In 2011 he received total compensation of $14,857,103 including base salary of $1,671,370. Oh, and this number includes the $165 million Pandit received for his low performing hedge fund which was purchased by Citi in 2007, and was closed by Citi a few months later for epic underperformance. (via Proxy Statement and Wiki).

A briefer summary comes from Bloomberg 

If no changes are made to Pandit’s compensation package, Citigroup will have paid him about $261 million in the five years since he became CEO, including his personal compensation and about $165 million for buying his Old Lane Partners LP hedge fund in 2007 in a deal that led to his becoming CEO. The bank shut Old Lane soon after Pandit took the post, causing a $202 million writedown.

Not a bad deal for a guy who destroyed virtually all the shareholder value entrusted to him (although something was surely some other guy's fault. It always is - just ask the president).

In other news, here is Dick Bove's recommendations on Citi in the past few years...

And, of course, Jim Cramer from yesterday:

There are a lot of reasons to fear the banks, Jim Cramer told Debra Borchardt at TheStreet.com Monday, but when it comes to Citigroup (C), things are a lot better than they look.

 

Cramer said Citigroup had a great quarter with great revenue growth, and the company is taking share overseas. But perhaps most impressive is Citigroup's emerging-markets business, which is seeing tons of growth even in countries like Mexico, which is often thought of as a failed state.

 

 

Investors may continue to worry about the elections, the fiscal cliff and the collapse in of technology profits, but when it comes to the banks, Cramer said, Citigroup is the one to own.

#Timestamped.

 


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Tue, 10/16/2012 - 09:19 | Link to Comment francis_sawyer
francis_sawyer's picture

Encore?...

I'm still giving Meredith Whitney props for calling out Chuck Prince...

Tue, 10/16/2012 - 09:19 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

By this afternoon that's gonna seem cheap - Rollover

Tue, 10/16/2012 - 09:23 | Link to Comment francis_sawyer
francis_sawyer's picture

Thanks to the largesse of the US taxpayer ~ Prince Alwaleed bin Talal didn't see his investment go to zero...

Tue, 10/16/2012 - 09:27 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

You can complain about limited liability for the actions of executives all you like, but the truth is that without LLCs there would simply be no investment or economic activity whatsoever. Nerdy Zerohedgers need to suck it in and deal with it because LLCs are here to stay, and will continue to be treated as individuals under the law because this is the only sensible way to limit the risks undertaken by equity investors.

Tue, 10/16/2012 - 09:29 | Link to Comment EscapeKey
EscapeKey's picture

For a change, I actually agree with something you post.

As an entrepreneur, without LLCs, being held personally liable for mistakes we make, there will be a hell of a lot less start-ups.

At the very least, there will be additional insurance expenses to keep up with. But no doubt tons of law with exciting loopholes for the insurance companies to back out of.

Tue, 10/16/2012 - 09:33 | Link to Comment francis_sawyer
francis_sawyer's picture

just what we need... MORE 'shysters' to go along with the executive board members robbing shareholders blind... I guess that's why the deli-takeout business thrives as well... Good call MDB...

Tue, 10/16/2012 - 09:36 | Link to Comment Hard1
Hard1's picture

Tak the money and ruuuuuuun bitchez!!!

Tue, 10/16/2012 - 09:50 | Link to Comment francis_sawyer
francis_sawyer's picture

Billy Mack is a detective down in Texas

You know he knows just exactly what the facts is

He ain't gonna let those 2 escape justice

He makes his livin' off of the people's taxes...

~~~

http://www.youtube.com/watch?v=-WCFUGCOLLU

Tue, 10/16/2012 - 10:47 | Link to Comment gmrpeabody
gmrpeabody's picture

It was entertaining to watch Sheila Bair mop the floor with the CNBC crew on this subject.

+1 to her...CNBC has become the apollogists for WS and the banks, she would have no part of it..., even laughed at them. Classic!

Tue, 10/16/2012 - 09:38 | Link to Comment nope-1004
nope-1004's picture

No wonder Pandit's leaving - He was kicked out!  The above proves Pandit is a fraud.

Surprised it took the board this long to see who he really is.

 

 

Tue, 10/16/2012 - 10:06 | Link to Comment smlbizman
smlbizman's picture

yeah, no doubt kicked right out into a nice new lobbiest firms highest paid deuche bag...

remember these guys never go away...they just relocate ,usually into a better gig....

Tue, 10/16/2012 - 10:22 | Link to Comment SilverDosed
SilverDosed's picture

Probably end up running something unimportant like the Treasury.

Tue, 10/16/2012 - 13:26 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

By all current corporate and financial "standards", Pandit's tenure as CEO was a smashing success. He'll be in high demand and can basically write his own ticket.

Tue, 10/16/2012 - 09:35 | Link to Comment Oh regional Indian
Oh regional Indian's picture

curious, why these in-competent Indians are/were being put in charge of mega-banks.

Anshu Jain at DB was another... scapegoats?

Deutsche Bank will in the future be co-managed by Anshu Jain, a cricket-loving investment banking hotshot from India. Because he speaks little German and has no political contacts, however, he will be flanked by a German co-executive -- and watched over by current CEO Josef Ackermann, who is to head the supervisory board.

Somethings fishy...

ori

Tue, 10/16/2012 - 10:49 | Link to Comment gmrpeabody
gmrpeabody's picture

OMG..., you're playing the race card?

Tue, 10/16/2012 - 11:07 | Link to Comment walküre
walküre's picture

since you're inviting, I'm biting and here are some possible reasons:

 

 

- Indians invented fictional "creative" accounting

- every grain matters and they learn to count 'em from early on

- best multitaskers the world has to offer because of the higher example from Shiva

- their culture is a dog eat dog shit culture without any regard for community or the next guy

- cast system is already ingrained in their programming.

 

- Indian bank CEOs have no scruples, know no moral hazard

- Indian bank CEOs make Jews blush?

add as you see fit

Tue, 10/16/2012 - 11:27 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

I nominate this as best-on-thread.

Tue, 10/16/2012 - 12:34 | Link to Comment DeadFred
DeadFred's picture

It's the karma system. Your house is being foreclosed because of something bad you did in a previous lifetime so I'm fully justified in dumping on you. You deserve it.

Tue, 10/16/2012 - 17:35 | Link to Comment OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

OK just a few observations, not intended to be racist but rather "cultural".

I've worked with lots of Indians, they're incredibly competent technically. Colonial England left them a very impressive educational system. But what they love to do is OVERCOMPLICATE things. It's never a "net-net" discussion, there's always "but we have to keep in mind these 47 other factors" which leads to endless complexity and time wasting.

I think it's because they have >1 million deities. There are always subtleties to consider when one deity might be influenced by these other 2,000 deities, who have a history of being affected by these 2 million other factors. As a result nothing in the universe is ever "simple". The country is unbelievable chaotic.

Monotheistic West has it much simpler

Tue, 10/16/2012 - 10:26 | Link to Comment Hohum
Hohum's picture

EscapeKey,

Doesn't really matter whether a small business is a LLC if the proprietor has to guarantee a loan personally.

Tue, 10/16/2012 - 09:31 | Link to Comment jcaz
jcaz's picture

LLC?   What the fuck are you babbling about now?   Go back to the kiddie table if you can't keep up with the big people talk.....

This is a gag, right?  You're just trying to look more stupid with every post just to amuse us, ya?

Tue, 10/16/2012 - 09:49 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

This is a gag, right?

 

Well......yes......thought it went without say actually.

 

Tue, 10/16/2012 - 10:11 | Link to Comment smlbizman
smlbizman's picture

how about vickram has to take his golden parachute and pull a felix and see how it works out for him.....

Tue, 10/16/2012 - 12:02 | Link to Comment SanOvaBeach
SanOvaBeach's picture

I totally agree W/ your entire post.  Especially the part about nerdy ZH'ers.  It is easy to tell from many posts that some ZH'ers have no real business experiense and are still living at home.  Angry they can't find a job or are hopelessly underemployed.  They are angry (rightly so maybe) and spend their time pounding on a keyboard.  I have had many business'es and they have all been LLC'c so my ass was covered........

Tue, 10/16/2012 - 09:25 | Link to Comment HoofHearted
HoofHearted's picture

Does Citi want to see my CV? I could have only lost 80% and cost them half as much. I'm just that good!

Tue, 10/16/2012 - 09:30 | Link to Comment EscapeKey
EscapeKey's picture

You could have started by buying lots of puts.

Tue, 10/16/2012 - 15:11 | Link to Comment Bananamerican
Bananamerican's picture

Obviously it's not about saving money, Hoofy....

As in hip-hop, where an endless series of clueless negro yoof dream of their chance to step up to the mic, grab crotch and mumble profanities...The IB wanna bees dream of the Booty Pandit pole position...

Munny for nuthin.

Shareholder value? Lawlz

Tue, 10/16/2012 - 10:32 | Link to Comment jekyll island
jekyll island's picture

That chart looks bullish for gold.

Tue, 10/16/2012 - 09:37 | Link to Comment monkeyboy
monkeyboy's picture

I'd buy that for a dollar!

Tue, 10/16/2012 - 10:26 | Link to Comment francis_sawyer
francis_sawyer's picture

That's the laugh... It probably would be a dollar if they hadn't done the reverse split to keep shoveling it to 401k momos after it threatened to permanently stay under the $5 mark...

Tue, 10/16/2012 - 09:44 | Link to Comment williambanzai7
williambanzai7's picture

SHITI 4-1-9

Tue, 10/16/2012 - 09:50 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Looking good Mr. Vegas!

Tue, 10/16/2012 - 09:51 | Link to Comment Quinvarius
Quinvarius's picture

I hope that is a movie poster.  It looks like it will be hilarious.

Tue, 10/16/2012 - 09:53 | Link to Comment williambanzai7
williambanzai7's picture

One big shitty roadshow. That's what this guy was.

And he gets the last laugh.

Tue, 10/16/2012 - 09:21 | Link to Comment CPL
CPL's picture

He's adding executive value by recycling oxygen in his office for the office plants.

Tue, 10/16/2012 - 09:55 | Link to Comment slaughterer
slaughterer's picture

SHORT 10,000 shares $37.16

Tue, 10/16/2012 - 10:04 | Link to Comment kliguy38
kliguy38's picture

but, but, if'n we don't pay them this ammount then we're gonna lose um to banks overseas.......

Tue, 10/16/2012 - 15:13 | Link to Comment Bananamerican
Bananamerican's picture

What? the "talent"?

Tue, 10/16/2012 - 10:48 | Link to Comment Atlantis Consigliore
Atlantis Consigliore's picture

Breakups: Value of BAC, C,  JPM, broken up; Wells;

investment banks and bank banks,   too big to fail eradicated next administration

 

along with the FED reserve employment mandate,...rates soar. to free mkt levels. 

Tue, 10/16/2012 - 13:04 | Link to Comment Chuck Walla
Chuck Walla's picture

For just a mere 10% of that, I'd have run it into the ground for them...

FORWARD SOVIET!

Tue, 10/16/2012 - 09:18 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Enron SPV profit sharing model?

Tue, 10/16/2012 - 09:37 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

Was Citi cooking the books? Maybe Mayo was right after all?

 

Analyst: Citigroup Is Cooking the Books

An all-out war has broken out between Citigroup CEO Vikram Pandit and a prominent securities analyst who is saying that the big bank may be cooking the books by inflating its earnings through an accounting gimmick, FOX Business Network has learned.

The analyst, Mike Mayo, of the securities firm CLSA, has been telling investors that Citigroup (NYSE:C) should take a writedown, or a loss on some $50 billion of “deferred-tax assets,” or DTAs. That is a tax credit the firm has on its financial statement that Mayo says is inflating profits at the big bank by as much as $10 billion.

http://www.foxbusiness.com/markets/2010/08/25/analyst-citigroup-cooking-books/

Tue, 10/16/2012 - 09:41 | Link to Comment nope-1004
nope-1004's picture

Guaranteed they're cooking the books.  And so is JPM, Wells, MS, GS, on and on.

 

Tue, 10/16/2012 - 09:46 | Link to Comment SuccorMoney
SuccorMoney's picture

The Fed is providing the Hamburger Helper for all their books.

Tue, 10/16/2012 - 09:57 | Link to Comment Metalredneck
Metalredneck's picture

Bidness as usual, bitchezz.

Tue, 10/16/2012 - 11:22 | Link to Comment Joe Davola
Joe Davola's picture

If you ain't cookin', you ain't tryin'

Tue, 10/16/2012 - 09:22 | Link to Comment spastic_colon
spastic_colon's picture

yep - and the magical act of vanishing money (perfect use for a hedge fund) - he learned from corzine

Tue, 10/16/2012 - 09:19 | Link to Comment LULZBank
LULZBank's picture

Thats what Im talking about Bitchezz!!!

Oh, and pandit also did receive $165 million for his low performing hedge fund which was purchased by Citi in 2007, and was closed by Citi a few months later for epic underperformance.

Tue, 10/16/2012 - 09:21 | Link to Comment LULZBank
LULZBank's picture

 

Investors may continue to worry about the elections, the fiscal cliff and the collapse in of technology profits, but when it comes to the banks, Cramer said, Citigroup is the one to own.

I guess we know what that means. We just need to work out the timeline now.

Tue, 10/16/2012 - 09:22 | Link to Comment kito
kito's picture

What about his federal employee pension.....did you calculate that into his compensation???????.....

Tue, 10/16/2012 - 09:22 | Link to Comment monopoly
monopoly's picture

Cramer, what a pathetic excuse for a Wall Street analyst. Then again, he fits the mold perfectly. I find it beyond comprehension that the idiot channel believes this twit will improve their ratings as he rants away at 6 AM on the West Coast. I clicked them off over 2 years ago. Very refreshing.

And is this not the way Wall Street works. Hang out for a while. Stock up or down, the CEO and his band of merry thieves always win. Just look at Tyler's favorite politician, CEO and hedge fund manager....Corzine. 

Tue, 10/16/2012 - 10:00 | Link to Comment LULZBank
LULZBank's picture

 

I find it beyond comprehension that the idiot channel believes this twit will improve their ratings as he rants away at 6 AM on the West Coast.

The principle of marketing is, you keep repeating your slogan/sales pitch and people will fall for it, sooner or later.

You dont see ads becuase you like the product, you like the product because you see the ads consistently.

Tue, 10/16/2012 - 09:24 | Link to Comment MsCreant
MsCreant's picture

But, but, it's like Obama. Bush screwed things up real bad when he inherited it, see, so how could you expect it to improve overnight? Pandit just needs more time...

Tue, 10/16/2012 - 09:26 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Ladies and gentlemen,

please give a hearty welcome to YOUR next Treasury Secretary of the United States of Duhmerica.

Tue, 10/16/2012 - 09:26 | Link to Comment Inthemix96
Inthemix96's picture

Well this is quite clear then,

Mr Bandit, sorry Pandit quite obviously has some juicy stuff on someone in the government.  I mean lets be honest here, if you were this good at your job, slicing the company down 90 fucking percent since 2007, and all the while lining your own pockets, you must have some serious jazz on a politician.

Ten to one he has photos of bill clinton sucking the cock of maria shapiro?  Other than that, all I can say is he will pull the race card, it is more than obvious to most that he only lost 90% of the value of that company through other peoples hard work, and to say otherwise obviously means that due to the colour of his skin it is racist to say otherwise.  Now skip the tribunal and give him another 10 million to stop the obvious harrasment.

Just think of his hurt feelings ruining a company, and finding out that the bosses had it in for him because he was racially challenged.

Tue, 10/16/2012 - 09:28 | Link to Comment buzzsaw99
buzzsaw99's picture

Maiden Lane Too Bitchez! (-$200M)

Tue, 10/16/2012 - 09:32 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

His watch costs more than my car......

Tue, 10/16/2012 - 09:35 | Link to Comment francis_sawyer
francis_sawyer's picture

Well at least his watch is right two times per day...

Tue, 10/16/2012 - 09:33 | Link to Comment nmewn
nmewn's picture

So, did the music stop? Everyone quit dancing all of a sudden.

Tue, 10/16/2012 - 09:33 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Remember when parentheses were bad

Tue, 10/16/2012 - 09:34 | Link to Comment LawsofPhysics
LawsofPhysics's picture

American kleptocacy and fascism rewarding failure? - "Shocker"

Stupid fucking sheep.

Tue, 10/16/2012 - 09:34 | Link to Comment alstry
alstry's picture

IT'S TIME TO REPLACE ALL BANKERS WITH TECHNOLOGY AND AI SYSTEMS.....

Think of  the pollution avoided from millions of needless people not having to drive to and from work everyday.

The interesting question is who gets to consume in a world where technology replaces human production?

When we all are simply milking off a failing system, you know it's a http://www.udderworld.com

Tue, 10/16/2012 - 09:38 | Link to Comment alstry
alstry's picture

It's already happening with the Post Office being replaced by eMail...

eliminating the need for over half a million employees to drive to work, hundreds of thousands of vehicles not consuming fossil fuels, and tens of thousands of buildings not needing maintanence.

And that doesn't even include all the support businesses and really happy trees;)

As we move the world from a board game to a virtual game, what will people do?

Tue, 10/16/2012 - 09:37 | Link to Comment ebworthen
ebworthen's picture

"It's good to be the King".

Tue, 10/16/2012 - 09:38 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

even cnbc (yes i know) had talking heads saying citi reverse stock split 1 for 10..makes it a $3 stock..good job ceo.

that hard decision by pandit makes him worthy of his pillage money. NO?

Tue, 10/16/2012 - 09:42 | Link to Comment SuccorMoney
SuccorMoney's picture

Good work, if you can get it.

But seriously, one thing Bandit did accomplish - his guys in DC got the government to do their bidding, and kept the stock from going to zero where it would have been without massive governement assistance. 

Tue, 10/16/2012 - 09:43 | Link to Comment TrumpXVI
TrumpXVI's picture

That's epic.

Even A-Rod won't approach that level of underperformance until 2016.

Tue, 10/16/2012 - 09:43 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

Hmmmmm, just think what price C would be if not for the lies they put out as earnings the last 5 years?

Tue, 10/16/2012 - 09:49 | Link to Comment machineh
machineh's picture

I'm lovin' Citi's 'state of Montana' stock chart, with occasional little excursions down into Wyoming.

Tue, 10/16/2012 - 09:45 | Link to Comment nathan1234
nathan1234's picture

As said by many earlier.

He is no Pandit

Just a plain Bandit

 

 

Tue, 10/16/2012 - 09:47 | Link to Comment NeedleDickTheBu...
NeedleDickTheBugFucker's picture

90% of success is just showing up.

Tue, 10/16/2012 - 09:52 | Link to Comment Quinvarius
Quinvarius's picture

According to that stock chart, the other 10% is a Fed put.

Tue, 10/16/2012 - 09:47 | Link to Comment Bastiat
Bastiat's picture

Only $250K/yr in cash and the rest in Chitty stock.  Hope he still has it all.

Tue, 10/16/2012 - 09:52 | Link to Comment dolph9
dolph9's picture

There's no such things as shareholder value anymore.  It's all a farce.  These banks and corporations are run for the benefit of management, who milk all they can from what they know are dying enterprises.

Do I blame them?  Hard to say.  Some of us buy bullion and beans, others grab hundreds of millions of dollars.

The game is to grab as much as you can before TSHTF.

Tue, 10/16/2012 - 09:53 | Link to Comment LoneStarHog
LoneStarHog's picture

Simply Put:  I Don't Feel Sorry For ANY Friggin' Morons Who Own The Stocks Of Any Criminal Wall Street Banks! ... The rapist goes on vacation while the rapees join a support group.

Tue, 10/16/2012 - 09:56 | Link to Comment Bastiat
Bastiat's picture

Right . . .and if the rapist is in the power elite, the support group could be deemed terrorist.

Tue, 10/16/2012 - 09:56 | Link to Comment Racer
Racer's picture

American doesn't reward success.... only epic failure now

Tue, 10/16/2012 - 10:06 | Link to Comment Shizzmoney
Shizzmoney's picture

Can this thing just crash already?

BTW Cramer can't understand why his binky Pandit is leaving (or "forced out"), despite having a "tremendous quarter".

http://www.valuewalk.com/2012/10/jim-cramer-has-meltdown-over-pandit-res...

You know why, Jim? Because the thing is about to crash and NO one in the MSM will admit it.

If you can't spot the sucker at the poker table....well then......it's probably you.

Tue, 10/16/2012 - 10:08 | Link to Comment TideFighter
TideFighter's picture

Anybody wandering what Hillary was promised for taking the bullet on BenGaziGate? 

Treasury? Hillstan? Hillobia? 

Wed, 10/17/2012 - 01:00 | Link to Comment StychoKiller
StychoKiller's picture

So, what's her punishment gonna be?  Slapped with a wet noodle again?  Getting a spiked dildo rammed up her fat @ss?

I too can admit to failure all day long, so long as there's no repercussions!

Tue, 10/16/2012 - 10:19 | Link to Comment fabmax
fabmax's picture

Vikram Bandit

Tue, 10/16/2012 - 10:28 | Link to Comment Pasadena Phil
Pasadena Phil's picture

Not a good day for Jim Cramer. Sheila Bair just took him on and handed him his head by itemizing why he is wrong on Citi. He is now spinning and rationalizing his position now that she is gone from the room. What a fool. Cramer is to the crony "too-big-to-operate" banks what Liesman is to the crony Treasury/Fed: Empty-headed mouth pieces.

Tue, 10/16/2012 - 10:26 | Link to Comment Catullus
Catullus's picture

Another overpaid Indian. I'm just not impressed.

If Citi's stock ever goes up, you'll seem him beg for a government job to skirt the tax liability on the sale of his shares like Hank Paulson.

Tue, 10/16/2012 - 11:11 | Link to Comment goldenrod
goldenrod's picture

He may be overpaid but his national origin has nothing to do with it.  Unless you prefer overpaid Americans like Lloyd Blankfein and Jamie Dimon.  Don't be a jerk.

 

Tue, 10/16/2012 - 10:28 | Link to Comment Hohum
Hohum's picture

Answer me this:  what does Citigroup do for society anyway?  I have heard it is "create wealth." Aargh.

Tue, 10/16/2012 - 10:47 | Link to Comment Pasadena Phil
Pasadena Phil's picture

Money laundering. When there is the amount of dirty US dollars floating around in the world as there is today. it needs to be laundered because drug czars don't acquire dollars just to bury it in the ground. So the only dollar-based economy iin the world large enough to swallow that much dirty cash has to come up with a snake big enough to swallow those big pigs without having the contour of their bellies give away what just happened in the barnyard.

I wish that when bank spokesmen cite the need to "serve their global clients" when asked about why they have to be so big, someone would follow up with the obvious next question: "Like what? Money laundering?"

Tue, 10/16/2012 - 10:29 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

Obviously, if someone is stupid enough to give him wheelbarrows full of cash from here to eternity, then he is smart enough to take it.  One needs not to be any smarter than that...

Tue, 10/16/2012 - 10:33 | Link to Comment Antifederalist
Antifederalist's picture

Not to mention the fact that this dirtball sold his hedge fund to Citigroup for over $100mm and then the same hedge fund proceeded to lose 90% of its investors capital.

You cannot make this stuff up.  This guy is a fraud, criminal, whatever.  Move along folks.

 

Tue, 10/16/2012 - 11:22 | Link to Comment PontifexMaximus
PontifexMaximus's picture

he would even get 280 mill. for a 95 %, nov 6th is just around the corner

Tue, 10/16/2012 - 11:49 | Link to Comment Frank N. Beans
Frank N. Beans's picture

how in a god's name does someone get to make all that money for doing nothing?!  Thousands of people are better qualified yet are somehow not in the right place at the right time or know the right people.  Still, it's obscene; even more obscene are these fucking golden parachutes for doing a lousy job. 

Thu, 10/18/2012 - 20:37 | Link to Comment dhengineer
dhengineer's picture

Contacts.  Relationships.  Friendships.  I used to work as a domestic employee for one of Bandit's close allies at Shitty (not saying whom).  This guy knows everyone from Rubin to Summers to Geithner and beyond, all on a first-name, drop-in-and-set-a-spell basis.  All he has to do is to pick up the phone and he can get anyone anything.  A job for his overbearing brat in the bowels of the WH? Sure.  Investors in his other kids' hedge funds?  No problem.  Choice seats at Citi Field or at the Masters' or hotel reservations at the best resorts worldwide.  Just a phone call. 

That's how!

Tue, 10/16/2012 - 11:57 | Link to Comment Downtoolong
Downtoolong's picture

Could there be any greater shill for Wall Street than Cramer. What a shameless asshole. Everything he says is a paid advertisement for someone.

Tue, 10/16/2012 - 12:01 | Link to Comment Downtoolong
Downtoolong's picture

But, just think of how much worse things would have been if he hadn't been at the helm.

And when you do, let me know. I can't imagine things at Citi being any worse.

Do NOT follow this link or you will be banned from the site!