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

Join us next Wednesday for a discussion of reproductive freedom

Join us next Wednesday, February 28 for a ...

Top Stories from NCPW

  • News
  • Commentary

North Carolina’s public school system is one of the lowest funded in the nation when adjusted for co [...]

Last week, a teenager in Florida opened fire in a high school and killed 17 people. Nikolas Cruz, 19 [...]

Students, faculty and staff at UNC continue protest the Chapel Hill campus’ Confederate monument, “S [...]

On a sultry day last September, Megan Stilley arrived at Lanier Farms, a large swine operation in ru [...]

In “Lessons on political speech, academic freedom, and university governance from the new North Caro [...]

Cracks are forming in the NRA’s death grip on American politics At some point, it’s going to happen. [...]

As the General Assembly wraps up its weirdly timed and generally ill-conceived winter session, it wo [...]

The post Dumb & Dumber & Dumbest appeared first on NC Policy Watch. [...]