Thursday, 12 February 2009

A simple example.....

...which could be easily followed by other bankers.

Feb. 11 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit said he will take a salary of $1 and no bonus until the bank, which has accepted $45 billion in government bailout money, returns to profitability.

“I get the new reality and I will make sure Citi gets it as well,” Pandit said today in testimony before the U.S. House Financial Services Committee. Lawmakers called eight bank CEOs to Washington to explain how they were using their portion of the government’s $350 billion of rescue funds to boost credit.

3 comments:

Josh said...

He will pick up the deficit next year.

Anonymous said...

if he turns Citi around he deserves to....

Magus said...

Pandit also (as a condition of becoming CEO) sold his hedge fund for several hundred million USD to Citi. This hedge fund has subsequently endured massive losses and has been closed. However, Pandit did not return any of the money. The only reason he has subscribed to "the new reality" is that it will have absolutely no effect on his wealth.