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Robber baron capitalism hits a new low

Post on October 17, 2012 by 2 Comments »

In case you missed it amongst all the debate hubbub, another modern day robber baron cashed out yesterday. According to the folks at Think Progress:

“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.”

Not that he did much to earn it. As the article also notes:

“Overall, Citi lost 88 percent of its value under Pandit. Earlier this year, the Wall Street Journal dinged Pandit for having the pay package that was most detached from his company’s performance, as a three-year decline of 27 percent coincided with his making $43 million.”

Ah, the genius of the “free” market…

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Comments (Closed):2

  1. wncgirl
    October 17, 2012 at 11:31 am

    If you aren’t mad you aren’t paying attention. Any political party that puts profits over people is evil. I am sooo very tired of the 1% patting themsleves on the back for wrecking our economy. Most workers including public workers are fired without notice for the slightest infraction in our state. Republicans are ruining our country. I only pray that our country will take back it’s economy from these incompetent, greedy robber barons posing as business men.

  2. Frank Burns
    October 17, 2012 at 3:51 pm

    wncgirl,
    Whoa, hold your horses. This article has nothing to do with any political party. You make the incorrect leap that the Republican party endorses these exorbitant payouts to executives. They don’t. Take a look at the big paydays within the Democratic party and within your left leaning Advocacy Groups, City Executives, etc. The obscene executive packages are independant of any party affiliation. I wish we could stop it.