Did CEO of Citigroup Vikram Pandit lie to Congress about his compensation?

 

WASHINGTON, March 17, 2009
Ramesh Vema

In February, Citigroup CEO Vikram Pandit told a House committee that he received only $1 million in salary and “no bonus” in 2008. He said, "As I stated earlier, I plan to take a dollar per year salary and no bonus until we return to profitability."

According to the local news media, Pandit received nearly $11 million of compensation in 2008. The $10.82 million in total compensation for 2008 consisted of $7.73 million in sign-on and retention awards, a $958,333 salary, $9.84 million of stock and option awards and $16,193 of other compensation.

Last year, most of the compensation came from:

• He was granted stockin January 2008 as a "sign-on award" a month after he became CEO.
• The value of the shares at the grant date was $37 million, reflecting Citi's stock price at the time, $24.40 a share.
• Citi's share price has collapsed and now worth only $1.8 million

fletc3her Says:

If you steal, steal big! They’ll throw you in jail for ripping off a six pack of beer from a mini-mart, but if you rip off 10 million dollars from the American taxpayers you’ll get a stern warning.

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