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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 [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…