Citigroup (C) Proxy: TARP Never Paid So Well

Citigroup (C) CEO Vikram Pandit, recently hailed for turning the bank around after over a year of being blamed for its demise, only made $128,751 last year in total compensation, down from $38.2 million in 2008. Pressure from the government and his own shareholders forced him to take almost nothing for 2009 as a sign that he appreciated the government’s bailout of the bank and the losses that its shareholders had suffered.

But, two of the senior executives just under Pandit made more than $10 million each, an extraordinary sum given the TARP capital that the bank took, although the money was paid back before the end of last year.

John Havens, the head of the Citi clients group, made $11.3 million last year. Manuel Medina-Mora, chief of the bank’s operations in Latin America and Mexico made $10.5 million.

Alberto Verme, the co-head of the bank’s operation in Eastern and Central Europe, made $7.8 million.

And, without the government it is possible that none of them would have made a dime. The taxpayer’s money at work

Douglas A. McIntyre