According to Bloomberg Citigroup CEO Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any US lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
Pandit, 54, will get the $80 million from Citi's purchase of his Old Lane Partners LP hedge fund today, according to regulatory filings. The deal brought him to the lender in July 2007.
"Pandit, his $1 pay notwithstanding, cannot be considered modestly paid," said Graef Crystal, a compensation expert based in Las Vegas. "Taxpayers saved this bank, and he's getting a bundle while shareholders are getting shortchanged on the stock price."
Pandit's $80 million is the last of the $165 million New York-based Citigroup agreed to pay for his share of Old Lane four years ago. The bank has since awarded him compensation, including stock and options, worth about $63 million when he received them. This includes a $1.75 million salary he got in January, replacing the $1 he told Congress he would take in February 2009 until the bank turned a profit. In May, he entered into a company profit-sharing plan which will give him an additional $25 million if the company meets analysts' estimates….
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