Citigroup CEO Walks Off With $260 Million After His Bank Loses 88 Percent Of Its Value

This is the kind of event that turns off the average working person.  That is, the people who barely make it week to week.  You know who I'm talking about.  The 47 percent Mr. Romney referred to when he didn't think the voters would hear him.

 "By Pat Garofalo posted from ThinkProgress Economy on Oct 16, 2012 at 3:20 pm

Citigroup CEO Vikram Pandit abruptly resigned today, leaving the helm of the bank that he guided through the financial crisis of 2008. For his five years of leading Citi, Pandit will receive compensation in the neighborhood of $260 million:

If no alterations 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.

But while Pandit made off like a bandit, shareholders were not so lucky. To repeat, their value dropped 88 percent.

ps. I was one of those shareholders.