An AFL-CIO survey shows that more CEOs received pay raises than pay cuts last year, even as millions of workers lost their jobs and federal funds bailed out struggling companies, Reuters is reporting.
The survey calculated payment that included stock options given to CEOs but not yet vested, a method favored by governance experts because is accounts for the intent of corporate boards.
Using that methodology, Citigroup Inc CEO Vikram Pandit made $38 million in 2008, compared with the roughly $11 million reported in the company’s compensation section in U.S. Securities and Exchange Commission filings, Reuters reports.
Citigroup collected $45 billion in government bailout funds in 2008.
Wow, $38 million. And I thought 2008 was a bad year for Citigroup. Just think how much Pandit could have made if Citigroup had made a profit!
Let’s not get carried away here. CEOs work very hard for the money. Somebody’s got to take those expensive trips, live in those massive mansions and make those tough firing decisions. Shouldn’t they get paid for that?