It's the mother of income inequality. According to HuffPo’s Bonie Kavoussi, In a common refrain, a high-level executive is getting a big bonus while his employees receive pink slips. Only this time, it's happening on Wall Street.
Vikram Pandit, chief executive of Citigroup, the nation's third largest bank, is receiving $14.9 million in compensation for his work in 2011, according to The Wall Street Journal. Nine-tenths of Pandit's pay comes from his bonus -- the CEO's first since 2008 -- which includes $7.8 million in stock options and $5.3 million in cash.
Pandit is being rewarded for making his company profitable again, and that includes plans to cut thousands of workers. Citigroup says it plans to lay off 4,500 employees in the immediate future.
But despite its profitability, Citigroup stock hasn't been performing well. Though the company's profit rose 6 percent last year, according to Reuters, its stock price plunged 44.4 percent, according to Google Finance.
Pandit worked for $1 per year with no bonus in 2009 and 2010 as the bank struggled to return to profitability after receiving a government bailout....
http://www.huffingtonpost.com/2012/03/09/vikram-pandit-bonus-2011_n_1334532.html
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