When CEO Citigroup Vikram Pandit quit yesterday after five years of service, the talking heads on the TeeVee were left to wonder what had happened. It’s quite a “headscratcher,” said the Yahoo finance team! Also, he kind of sucked!. Did he quit because they figured out he sucked, perhaps? (And to be fair, it appears that he did kind of suck.) Or maybe, as Economic Times suggests, it’s because he was asked to “get more involved?” No, of course not, it is because of none of those things. He quit, says Maria Bartiromo, because the Obama administration was mean to him and he just couldn’t take it anymore.
Maria Bartiromo starts out by pointing out the fact that the board has hired a new CEO that will basically be investing in “emerging markets” (read: India and China because the U.S. is possibly going to be in the shitter for another couple decades at least) before suggesting that maybe he just wasn’t paid enough (which, by the way, did not seem to be only a dollar as he claims, given that he was paid $165,000,000 for his hedge fund when he took the job as CEO (a hedge fund they promptly shut down) in addition to his regular pay and stock options and whatnot). But isn’t the REAL issue here his hurt feelings? Her analysis is that it’s about compensation, and also, the fact that he got “bashed and bashed and bashed” by the President and by the hippie commie liberal scum in Occupy Wall Street, and said to himself that it wasn’t worth the “dollar” he was being compensated in exchange for his work. ONCE AGAIN, however, we will point out that the company has lost 90% of its value since he took over in 2007 so even if he DID get a dollar in addition to all of his other executive compensation, maybe it was just desserts. Or maybe not, because of his hurt feelings. Also, we can’t wait to see what Erin Burnett has to say about this.
Oct 17 7:00 pm 2012