Citigroup Will Pay Former Chief Pandit $6.7 Million for 2012

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http://washpost.bloomberg.com/Story?docId=1376-MD8QRL6JIJXU01-2ETLG9CNCE9PHQQDFCEI4SAAR0

Nov. 10 (Bloomberg) -- Vikram Pandit, Citigroup Inc.’s ousted chief executive officer, will get about $6.7 million in 2012 compensation and will forfeit some awards tied to a $40 million retention package granted last year.

John Havens, who resigned last month as Citigroup’s chief operating officer on the same day as Pandit, will get about $6.8 million for 2012 and also forfeit some awards, the New York- based lender said yesterday in a regulatory filing. Citigroup is the third-largest U.S. bank by assets.

“Based on the progress this year through the date of separation, the board determined that an incentive award for their work in 2012 was appropriate and equitable,” Chairman Michael E. O’Neill said in the filing. “While Citi will also honor all past awards that they are legally entitled to, there are no severance payments. Awards to which they are not legally entitled have been forfeited.”

Citigroup directors led by O’Neill are managing the fallout from the ouster of Pandit, 55, and Havens, 56, last month after they spent about five years running the bank. The board forced out Pandit after concluding that he mismanaged operations and damaged the lender’s credibility, a person familiar with the matter said at the time.

[RomneyLies]

1. Most people could comfortably live out their days for the rest of their lives

with that kind of money.

[Angry Dragon]

2. I will mis-manage them for half the price

You: Come late to work and get fired
Them: Lose millions and they pay them millions to leave

A really fucked up system

Want a union, nope,

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3. right? i wanna J.O.B. like that. nt