Contextual Content

Citi CEO caught in double-talk

Vikram Pandit earns $10.8M after telling Congress he made $1M

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Story Transcript

TEXT ON SCREEN: On March 16, 2009, Reuters reported Citigroup CEO Vikram Pandit received $10.82 million of compensation in 2008. Yet, one month earlier, Pandit told a congressional committee he received only $1 million.

House Committee on Financial Services

February 11, 2009

REP. DENNIS MOORE (D-KS): I have a series of questions I’d like to ask. How much taxpayer money did your company receive in the past five months? Number two is: how much salary did you receive in 2008, and how much, if any, bonus or other financial consideration did you receive?

VIKRAM PANDIT, CITIGROUP CEO: Yes. Congressman, we received $45 billion of TARP money. My compensation for the year 2008 was my salary, which is $1 million. I received no bonus. And as I stated earlier, I plan to take $1 a year in salary and no bonus until we return to profitability.

MOORE: Thank you, sir.

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