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Vikram Pandit Bottom Line: Over $260 Million For A 90% Stock Drop
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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Encore?...
I'm still giving Meredith Whitney props for calling out Chuck Prince...
By this afternoon that's gonna seem cheap - Rollover
Thanks to the largesse of the US taxpayer ~ Prince Alwaleed bin Talal didn't see his investment go to zero...
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.
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.
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...
Tak the money and ruuuuuuun bitchez!!!
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
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!
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.
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....
Probably end up running something unimportant like the Treasury.
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.
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
OMG..., you're playing the race card?
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
I nominate this as best-on-thread.
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.
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
EscapeKey,
Doesn't really matter whether a small business is a LLC if the proprietor has to guarantee a loan personally.
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?
This is a gag, right?
Well......yes......thought it went without say actually.
how about vickram has to take his golden parachute and pull a felix and see how it works out for him.....
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........
Does Citi want to see my CV? I could have only lost 80% and cost them half as much. I'm just that good!
You could have started by buying lots of puts.
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
That chart looks bullish for gold.
I'd buy that for a dollar!
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...
Looking good Mr. Vegas!
I hope that is a movie poster. It looks like it will be hilarious.
One big shitty roadshow. That's what this guy was.
And he gets the last laugh.
He's adding executive value by recycling oxygen in his office for the office plants.
SHORT 10,000 shares $37.16
but, but, if'n we don't pay them this ammount then we're gonna lose um to banks overseas.......
What? the "talent"?
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.
For just a mere 10% of that, I'd have run it into the ground for them...
Enron SPV profit sharing model?
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/
Guaranteed they're cooking the books. And so is JPM, Wells, MS, GS, on and on.
The Fed is providing the Hamburger Helper for all their books.
Bidness as usual, bitchezz.
If you ain't cookin', you ain't tryin'
yep - and the magical act of vanishing money (perfect use for a hedge fund) - he learned from corzine
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.
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.
What about his federal employee pension.....did you calculate that into his compensation???????.....
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.
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.
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...
Ladies and gentlemen,
please give a hearty welcome to YOUR next Treasury Secretary of the United States of Duhmerica.
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.
Maiden Lane Too Bitchez! (-$200M)
His watch costs more than my car......
Well at least his watch is right two times per day...
So, did the music stop? Everyone quit dancing all of a sudden.
Remember when parentheses were bad
American kleptocacy and fascism rewarding failure? - "Shocker"
Stupid fucking sheep.
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
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?
"It's good to be the King".
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?
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.
That's epic.
Even A-Rod won't approach that level of underperformance until 2016.
Hmmmmm, just think what price C would be if not for the lies they put out as earnings the last 5 years?
I'm lovin' Citi's 'state of Montana' stock chart, with occasional little excursions down into Wyoming.
As said by many earlier.
He is no Pandit
Just a plain Bandit
90% of success is just showing up.
According to that stock chart, the other 10% is a Fed put.
Only $250K/yr in cash and the rest in Chitty stock. Hope he still has it all.
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.
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.
Right . . .and if the rapist is in the power elite, the support group could be deemed terrorist.
American doesn't reward success.... only epic failure now
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.
YouTube - Wake Up America! Citi's Pandit the Bandit & his Band of Evil Bankers have Robbed the US Blind! (nov 2008)
still worth a watch...
....
YouTube - Tough Guys Don't Dance: Obama in Five on Hard Man Paul Ryan
Anybody wandering what Hillary was promised for taking the bullet on BenGaziGate?
Treasury? Hillstan? Hillobia?
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!
Vikram Bandit
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.
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.
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.
Answer me this: what does Citigroup do for society anyway? I have heard it is "create wealth." Aargh.
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?"
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...
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.
he would even get 280 mill. for a 95 %, nov 6th is just around the corner
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.
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!
Could there be any greater shill for Wall Street than Cramer. What a shameless asshole. Everything he says is a paid advertisement for someone.
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.