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Robber baron capitalism hits a new low

Posted By Rob Schofield On October 17, 2012 @ 9:22 am In Uncategorized | Comments Disabled

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 [1]:

“Citigroup CEO Vikram Pandit abruptly resigned today [2], 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 [3].”

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

“Overall, Citi lost 88 percent of its value [4] 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 [5].”

Ah, the genius of the “free” market…


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URL to article: http://pulse.ncpolicywatch.org/2012/10/17/robber-baron-capitalism-hits-a-new-low/

URLs in this post:

[1] Think Progress: http://thinkprogress.org/economy/2012/10/16/1021701/pandit-260-million/

[2] abruptly resigned today: http://dealbook.nytimes.com/2012/10/16/pandit-steps-down-as-citis-chief/

[3] in the neighborhood of $260 million: http://www.bloomberg.com/news/2012-10-16/pandit-steps-down-as-citigroup-s-chief-as-corbat-takes-over-1-.html

[4] 88 percent of its value: http://theweek.com/article/index/234864/citigroup-ceo-vikram-pandits-sudden-resignation-4-takeaways

[5] coincided with his making $43 million: http://online.wsj.com/article/SB10001424052702304791704577416410823386798.html?mod=WSJ_mgmt_LeftTopNews

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