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.
Citigroup's Company Website