Citigroup (C) Proxy: TARP Never Paid So Well
Citigroup (C) CEO Vikram Pandit, recently hailed for turning the bank around after over a year of being blamed for its demise, only made $128,751 last year in total compensation, down from $38.2 million in 2008. Pressure from the government…
But, two of the senior executives just under Pandit made more than $10 million each, an extraordinary sum given the TARP capital that the bank took, although the money was paid back before the end of last year.
John Havens, the head of the Citi clients group, made $11.3 million last year. Manuel Medina-Mora, chief of the bank’s operations in Latin America and Mexico made $10.5 million.
Alberto Verme, the co-head of the bank’s operation in Eastern and Central Europe, made $7.8 million.
And, without the government it is possible that none of them would have made a dime. The taxpayer’s money at work
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.