Uncategorized

Robber baron capitalism hits a new low

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…

2 Comments


  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.

Check Also

The more we learn, the worse the new Trumpcare proposal looks — especially for North Carolina

Another day, another bevy of revelations about just ...

Top Stories from NCPW

  • News
  • Commentary

When the N.C. Senate elected Tom Fetzer to the UNC Board of Governors in March, it was widely seen a [...]

The 12 minutes spent on the phone with Duke Energy customer service shed no light on how — or if — c [...]

Crumbling ceilings. Failing air conditioning and heating systems. Broken down school buses. Mold inf [...]

This story has been updated with comments from Jim Womack, who did not respond earlier to questions. [...]

Last week, the General Assembly announced which legislators will serve on the Joint Legislative Task [...]

The latest effort in Washington to repeal and not actually replace the Affordable Care Act has a dif [...]

Conservative group “reviewing” bigoted attacks; funding from major NC corporations implicated Nearly [...]

5---number of days since Senators Bill Cassidy and Lindsey Graham unveiled a new proposal to repeal [...]

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more