Government workers never had it so good. Citigroup – which is still 18% owned by U.S. taxpayers – awarded more than $37 million in stock grants to six of its top execs and said it plans to raise CEO Vikram Pandit’s pay, which is now just $1 a year. Other senior execs are collecting larger paychecks than Pandit, and in a filing with the Securities and Exchange Commission yesterday, the bank said they’d receive incentive pay for 2010 in stock, as high as $9 million for one senior exec. Pandit all but eliminated his pay in 2009 following billions of dollars of losses tied to subprime mortgages under former CEO Chuck Prince, and a $45 billion federal bailout. But with Citi on much sounder footing, the bank said that, next year, “the board intends to compensate Vikram commensurate with the job of CEO,” a statement said. “The board is very pleased with the progress that the management team is making in restoring Citi to profitability,” said Richard Parsons, the bank’s chairman. “Although we respect Vikram’s decision again to decline salary or an incentive award for 2010, we believe that his performance would merit a different outcome.” Matt McCormick, a money… Read full this story
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