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Response to Tansy_Gold (Original post)

Tue May 22, 2012, 07:06 AM

42. The Super "Connected" 1% CEO: The Incredible Tale of Billions of Dollars of Failure

http://www.alternet.org/story/155519/the_super_%22connected%22_1_ceo%3A_the_incredible_tale_of_billions_of_dollars_of_failure?page=entire

Citgroup's outgoing chairman Dick Parsons' career is the perfect example of how 1 percenters reward utter failure at the expense of the rest of us...
Photo Credit: koya979 via Shutterstock.com



Last month, shareholders finally rebelled against Citigroup, the worst of the Too Big To Fail bailout disasters, by filing a lawsuit against outgoing chairman Dick Parsons and handful of executives for stuffing their pockets while running the bank into the ground.

Anyone familiar with Dick Parsons’ past could have told you his term as Citigroup’s chairman would end like this: Shareholder lawsuits, executive pay scandals, and corporate failure on a colossal scale. It’s the Dick Parsons Management Style. In each of the three companies Parsons was appointed to lead, they all failed spectacularly, and somehow Parsons and a handful of top executives always walked away from the yellow-tape crime scenes unscathed.

This past April, for his final act as Citigroup’s chairman, Dick Parsons made sure that Citi’s top executives were handsomely rewarded for their failures. He arranged a pay package for CEO Vikram Pandit amounting to $53 million despite the fact that Citi’s stock plummeted 44% last year, and has woefully underperformed other bank stocks even by their low standards. Citigroup, as you might recall, got the largest bailout of any banking institution, larger than BofA’s– $50 billion in direct funds, and over $300 billion more in “stopgap” federal guarantees on the worthless garbage in Citi’s “assets” portfolio. Those are just the most obvious bailouts Citi received—this doesn’t take into account the flood of free cash, the murky mortgage-backed securities buyback programs, the accounting rules changes that allowed banks like Citi to decide how much their assets “should be worth” as opposed to what they’re really worth on their beloved free-market, and so on…

So just as Dick Parsons stepped down as Citigroup chairman last month, shareholders finally rebelled, suing Parsons, CEO Pandit and a handful of executives for corporate plunder”....MORE

THIS IS AN UNBELIEVABLE STORY OF UPWARD FAILURE--MUST READ (BUT WITH A BASIN NEARBY FOR DIGESTIVE UPSETS)

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