Desi butcher and Citigroup CEO Vikram Pandit has joined the disgraceful gallery of America’s Worst CEOs.
Describing Vikram Pandit as one of the 20 Worst CEOs, here’s what Conde Nast’s Portfolio had to say on our ‘desi butcher’:
Pandit didn’t create the mess Citi is in, but he is the financial-services equivalent of the Titanic’s Edward Smith, a commander ill-equipped to save his ship. When Pandit took over, Citi was already on track to report write-downs and increased credit costs of $20 billion. Today, the banking supermarket is propped up by $45 billion in bailouts and is, in effect, owned by the U.S. government.
THE STAT: Although Pandit’s currently earning $1 a year, his pay package was valued at $38.2 million for 2008, a year when taxpayers kept the firm in business.
We’ve always held that Vikram Pandit is ill equipped to run the financial services giant, particularly during these troubled and turbulent times.
And we’re not very surprised that other observers are also now beginning to feel there’s not much to this bozo.
In our view, Vikram Pandit is a disgusting symbol of the greedy excesses of Wall Street that has brought the U.S. financial system to the point of collapse and required a tax-payer bailout in the tens of billions.
That someone like Vikram Pandit should have been rewarded with the stewardship of Citigroup is a travesty and a reckless action by the firm’s board that has abandoned its fiduciary responsibilities to shareholders by naming this fella as CEO.
Other than butchering tens of thousands of Citigroup jobs and throwing the hapless employees on the street, this Vikram ‘desi butcher’ Pandit has done little of consequence and to his discredit there’s his obscene pay package of last year.
How long before Vikram Pandit joins the ranks of the unemployed?