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Thursday
Feb122009

Bank Bailout Congressional Video Part 3: Failed Bank CEOs Discuss Compensation. Pandit Thinks He's Special

Note to Vikram Pandit: taxpayers appreciate that you've reduced your compensation for this year, but drawing attention to the matter invites scrutiny. Thanks for the invitation.

You made almost $200 million in 2006 selling Old Lane Partners to Citi. That was a crap sammich. Citi paid $800 million for Old Lane which it closed down completely 18 months later.  The entire $800 million was taken as a loss. Taxpayers then bailed out Citi. Transitively, you owe us some cash, Vikram, about $165 million.  Next time, think before you raise your hand to impress teacher.

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