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April 2009

US economy crisis — $ 1 salary for Citi Group chief

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
Reading Time 1 mins

New Page 24. US economy
crisis — $ 1 salary for Citi Group chief

Faced with national outrage at
the financial meltdown in the US channelled through a hearing by angry
law-makers, the India-born CEO of Citigroup Vikram Pandit said he will take a
salary of $ 1 and no bonus until the bank, which has accepted $ 45 billion in
government bailout money, returns to profitability.

People lined up from 6 a.m. in
the Rayburn office building for the 10 a.m. hearing, an indication of how deep
the economic crisis is now cutting into society. The testimony was also reviewed
extensively on line. About Pandit’s $ 1 offer, one blogger commented, “He’s
still overpaid.” Such is the anger in America.

(Source : The Times of India,
13-2-2009)

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