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Investing

The Bonus Pool: Citigroup’s (C) Pandit Comes To His Senses

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By Douglas A. McIntyre Updated Published

DataDespite what executives at Goldman Sachs (GS) and several other large financial firms have done by agreeing to take no bonuses, there has been no such word out of Citigroup (C).

It looked like Citi CEO Vikram Pandit was going to engineer another PR disaster and bring shareholders and government regulators breathing down his neck.

Citi may have wised up, not because of Pandit, but due to a decision by disgraced board member Robert Rubin, infamous former Goldman CEO and ex-Treasury Secretary. Rubin has said in public that he had little to do with Citi’s problems, a "dog ate my homework" apologia that no on believes.

According to the FT, "People close to the situation said last week’s government rescue made it almost impossible for Citi’s board to award cash bonuses to other senior executives, led by chief executive Vikram Pandit."

What is astonishing is that there was any chance that Pandit and his crew would get a cent for their job performance during 2008. That says more about the weakness of Citi’s board than almost anything. It should have made the "no bonus" decision and announcement weeks ago.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

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.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

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.

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