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Fired Citigroup CEO Gets Millions as Bonus


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#1 KaseKlosed

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Posted 12 November 2012 - 09:07 PM

Fired Citigroup CEO Gets Millions as Bonus


Former Citigroup CEO Vikram Pandit and COO John Havens each receive $15.5 million as bonus for their work in 2012, the bank said.

Havens and Pandit resigned last month on the same day after running the bank for five years.

Pandit´s departure came after the bank suffered high-profile setbacks this year. Michael Corbat was named the new chief executive. www.breitbart.com

#2 pstall

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Posted 12 November 2012 - 09:27 PM

the last few citi ceo's have gotten insane golden parachutes

#3 NanuqoftheNorth

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Posted 13 November 2012 - 04:30 AM

the last few citi ceo's have gotten insane golden parachutes


Tell me about it! These two schmucks got ripped off! They should hire lawyers ASAP! :growl:


The Top 25 Hedge-Fund Managers Made More Than $22 Billion Last Year :money:


It would take 441,400 Americans making $50,000 a year to match the salaries of the top 25 hedge-fund managers combined. Also, unlike most Americans, hedge-fund managers can make that kind of money even when their funds don't perform well — fees from state pension funds, college endowments, and wealthy individuals are collected regardless of profit or loss. Bradley H. Alford, of Alpha Capital Management, is worried about what this does to the state of American bowels. “You can’t feel good giving 30 percent of your returns to some guy who was up single digits. That has to give you indigestion.” But there is one small sliver of schadenfreude. In 2009, the 25 best-paid hedge-fund managers raked in a combined $25.33 billion and had to make $350 million annually to make the cut. This year the top 25 had to get paid only $210 million. Something to take solace in while they're taking your fees from your state pension.

Update: Apparently hedge-fund managers aren't the only segment of the executive strata eclipsing the rest of us. Last year, CEO pay increased 27 percent, rebounding back to prerecession levels. Three quarters of CEOs got raises, in many cases substantial ones. Their employees, not so much. Workers at private companies saw their salaries grow just 2.1 percent. :beerhat: CEO pay grew along with increases in stock prices, but unemployment didn't get the same boost.

Read More Here:
http://nymag.com/dai...salaries_d.html

#4 thefuzz

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Posted 13 November 2012 - 10:45 AM

I see people bitch and moan about this all the time. Get over it.

If you don't like it, don't buy their stuff. It's called free market.

#5 mmmbeans

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Posted 13 November 2012 - 11:43 AM

I see people bitch and moan about this all the time. Get over it.

If you don't like it, don't buy their stuff. It's called free market.


yea... citigroup is a perfect example of our "free market."

#6 NanuqoftheNorth

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Posted 13 November 2012 - 12:51 PM

I see people bitch and moan about this all the time. Get over it.

If you don't like it, don't buy their stuff. It's called free market.


The US is not a free market economy, not even close. Anyone that has been paying attention would know that, especially after 2008. We have a crony capitalistic society.

As various players are granted advantage, what started out as “free markets” become anything but. Now it’s “pay to play.” The very concept of “free markets” becomes the casualty as sadly, too many people begin to think that this is just the way things are done – that this is the free market.

http://www.forbes.co...ounded-country/


"The banks have said, leave us deregulated, we know how to run things, don't put government in to meddle. Then with that freedom of maneuver they took huge gambles, and even made illegal actions, and then broke the world system. As soon as that happened then they rushed out to say 'bail us out, bail us out, if you don't bail us out, we're too big to fail, you have to save us'. As soon as that happened, they said 'oh, don't regulate us, we know what to do'. And they almost went back to their old story, and the public is standing there, amazed, because we just bailed you out how can you be paying yourself billions of dollars of bonuses again? And the bankers say, 'well we deserve it, what's your problem'? And the problem that the Occupy Wall Street and other protesters have is: you don't deserve it, you nearly broke the system, you gamed the economy, you're paying mega fines, yet you're still in the White House you're going to the state dinners, you're paying yourself huge bonuses, what kind of system is this?

When I talk about this in the United States, I'm often attacked, 'oh, you don't believe in the free market economy', I say, how much free market can there be? You say deregulate, the moment the banks get in trouble, you say bail them out, the moment you bail them out, you say go back to deregulation. That's not a free market, that's a game, and we have to get out of the game. We have to get back to grown-up behaviour."
Jeffrey Sachs, Columbia University



http://www.aljazeera...4125944352.html

#7 mmmbeans

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Posted 13 November 2012 - 12:56 PM

oh lawd, you quoted aljazeera. here comes the two-minutes-hate.

#8 NanuqoftheNorth

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Posted 13 November 2012 - 12:58 PM

oh lawd, you quoted aljazeera. here comes the two-minutes-hate.


I couldn't resist. This place has been dead since the election results.

#9 thefuzz

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Posted 13 November 2012 - 12:59 PM

Had the government not gotten involved in the first place the banks would be able to fail. Like they should have.

Want to keep them from making stupid mistakes don't open dumb programs like freddie and fannie. Don't let the government back the programs, and the banks would have to "in house" the loans.

If you didn't like the fact that they ripped you off, don't use them.

If I don't like the fact that the CEO of McDonalds is making 34 mil a year I won't eat there.

#10 Panthro

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Posted 13 November 2012 - 01:02 PM

$34 Million McD's<Hedge Fund Billions

#11 thefuzz

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Posted 13 November 2012 - 01:43 PM

$34 Million McD's<Hedge Fund Billions



Making a point. It's not that hard to follow.

If you don't like how much hedge fund managers make don't do business with any of the companies that would support them.

#12 Panthro

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Posted 13 November 2012 - 01:57 PM

well $34 million is 97% less than what these guys are making per year. And this guy runs McD's.

If you don't like how much I would tax them then stop defending them

#13 Delhommey

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Posted 13 November 2012 - 02:10 PM

Guys you're not getting his point. If you don't like what Citigroup's doing, don't go there. Meanwhile, government spends your money while there is NO way to remove a publicly elected official THAT'S THE INJUSTICE

#14 pstall

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Posted 13 November 2012 - 02:50 PM

I will be glad when investment reperations happen. If those hedge funds have any conections to 401ks etc then those gains are to go to a settlement pool.

Good thing Chris Dodd did the right thing with the Dodd/Frank act after he got special loans from Countrywide.

Meanwhile Adam Sandler makes 20 mil per film.

#15 NanuqoftheNorth

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Posted 13 November 2012 - 03:01 PM

Had the government not gotten involved in the first place the banks would be able to fail. Like they should have.


Yeah, because that worked out so well in 1929. 25% unemployment would make what we have today look like an economic boom!

Want to keep them from making stupid mistakes don't open dumb programs like freddie and fannie.

A short history of home loans prior to Freddie and Fannie:
http://www.c-spanvid...rg/clip/4159471

Don't let the government back the programs, and the banks would have to "in house" the loans.

Agreed banks should not be able to sell their loans. Write a bad loan and you eat your own lunch.

Private sector home loans during the housing crisis
http://www.c-spanvid...rg/clip/4159469

If you didn't like the fact that they ripped you off, don't use them.

If I don't like the fact that the CEO of McDonalds is making 34 mil a year I won't eat there.


People stopped buying GM and Chrysler cars several years ago and guess what? They are still around.

The big banks destroyed the world economy and themselves in the process and guess what? They are still around.

Why? Because we don't have a "free market" system.

The game is intentionally rigged by big business and our corrupt representatives to prevent a "free market" economy.

You must have been preoccupied the last several decades, otherwise you would already know that.


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