In the vernacular, let's put some lipstick on this pig.
Citigroup's Krawcheck Gets Two-Year $29.7 Mln Package (Update2)
By Michael Nol and George Stein
New York, March 7 (Bloomberg) -- Citigroup Inc.'s Sallie Krawcheck received a two-year pay package worth about $29.7 million when Chairman Sanford Weill hired her in October to lead the Smith Barney retail brokerage and research unit, according to a regulatory filing.
quote.bloomberg.com
Krawcheck, the former head of independent research firm Sanford C. Bernstein & Co., last month got $7 million in cash as a signing bonus and options to buy 250,000 Citigroup shares, which are worth about $2.5 million, according to Bloomberg estimates.
She'll also get an $8 million incentive payment next year and an annual salary of $500,000 for two years. In November, she got options to buy 750,000 shares, at the time worth an estimated $11.2 million. She has access to a personal car and driver, travel on Citigroup private jets or in first class on commercial airlines and personal security services, the filing said.
Didn't he/they see that she oversaw the commitments to Enron and Worldcom, and the decline in performance of SCB for Alliance Capital Management? It's so far out of line to issue 1,000,000 options with an exercise price of maybe $35 million. |
