Vikram Pandit, CEO of Citigroup Inc, which has received $45 billion in federal bailout money, was granted $40 million in salary and stock grants in 2008.
At a congressional hearing, Pandit pledged that he would work for $1 a year until his bank returns to profitability.
Pandit received Citi stock, then valued at $37 million, based on a stock price of $24.40 a share, as a “sign-on award” when he was recruited over a year ago. The value of Pandit’s stock has since dwindled to under $2 million with the company’s stock market crash.Citi also acquired Pandit’s hedge fund, Old Lane Partners, for $800 million in 2007, from which Pandit is believed to have reaped $165 million.
Pandit’s salary in 2008 was $958,000. He presently holds 1.7 million shares of Citi stock, which as of March 24 was worth about $5.1 million.
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