Citigroup (C) CEO Vikram Pandit spoke at the 92ndStY yesterday, and he was asked his feelings about banker pay and in particular the $100 million payday owed to star oil trader Andrew Hall. (Hall's personal castle is pictured.)
Even though Hall has his defenders (He's a great trader who made the bank a ton of money!), Pandit said he was embarrassed. According to The Times of London, Pandit blamed decisions made by previous managers who agreed to Hall's contract.
Fair enough, though this just reinforces the knock on Pandit, that he came into a bad situation... and then proceeded to do nothing about it.
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See Also:
- Citi's New Dumb Ad Campaign Will Defend Vikram Pandit
- Citi's $100 Million Trader Wants Out (C)
- The $100 Million Citi Trader Is Lucky To Have His Medieval Castle
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