He IS A Bandit, After All

March 17th, 2009 by Jason · 17 Comments · bandit, fail

banditlieslikeamaskeddog

The funniest thing of all about Bandit’s 2008 compensation being revealed as $10.8m wasn’t the amount of money a person can make for failing as a CEO.  It’s not even that he originally was slated to rake in $40m before the company’s stock tanked, losing the kind of money that would drive most of us to suicide.  It’s that he lied to Congress about his 2008 compensation last month, claiming to have only been paid his salary, which was just under $1m.  Whoops.

No, the testimony was not under oath, so hopes of seeing him tossed in jail with actual bandits, for perjury, are dashed right from the get-go.  But this won’t do him any favors personally with the House Financial Services Committee, to whom he lied.

(h/t to CB)

17 Comments so far ↓

  • alyx

    This post now has 100% more YouTube action.

  • Jason

    Oh sure, if you want to go all multimedia about it.

  • TonyS

    I like grapes.

  • LoLo,ESQ

    woW a CEO lied? to CONGRESS? unbelievable

  • John Mazzotta

    Ok here’s what I want to know: without bailout money, would those bonuses (or whatever they’re called) have been paid? Were they on-book liabilities that would have been paid out of receivership?

  • Roc

    ^^^

    Whoa whoa whoa…

    Thats not a very lulzy comment there, chief.

  • alyx

    SRS BIZNEZZ OMG

    @Mazzotta – If it’s considered nonqualified deferred compensation under 409A (as a lot of exec comp is), it’s an unsecured liability and the receiver would give you two middle fingers and a lump of coal. I’m not an attorney, though. I’ve just slept with a few at a Holiday Inn Express.

  • Jeffrey

    Technically, he didn’t commit perjury. He appears to have made a false statement to Congress, which is an offense in and of itself. It carries the possibility of a fine and a maximum of 5 years in prison.

    Being under oath has nothing to do with making a false statement to a Congressional committee.

    The law is here:

    http://www4.law.cornell.edu/uscode/18/1001.html

    I doubt he goes to jail, but he could very well be fined for what he did if it can be proved that he knew he was lying when made the statement.

    FYI this is the same thing that they nailed Miguel Tejada on.

  • John Mazzotta

    OK thanks alyx – what that means, then, is that IF the gov’t had not bailed them out, then (in their own words) they would have gone bankrupt and therefore would not have had any money (or obligation) to pay these bonuses. Which means the bonuses really WERE paid with our tax dollars. Just wanted to make sure I was REALLY being ass-raped by our elected officials, and I wasn’t just dreaming it. Anyone got some astroglide? I think they aren’t done with us yet.

  • liberal

    Jeffrey wrote, He appears to have made a false statement to Congress, which is an offense in and of itself.

    Yeah, that’s what I recalled.

  • Roc

    c’mon john

    moar lulz, less complaining

  • CB

    I think technically he hasn’t lied…what I recalled he said was he will take only $1 starting from that congressional testimony unless Citi returns to profitability…and guess what he quickly claims that citi has returned to profitability on jan/feb numbers.
    Now the jan/feb numbers might be suspect…

  • Jason

    No, he said his compensation last year was his salary, and included no bonuses and things.

    Which, really, makes no sense to me because I am so uncouth that if I did make $10m in a single year, I would tell everyone about it.

  • Jeffrey

    @ CB

    I have to agree with Jason on this. Watch the video. He was specifically asked what his salary, bonus, and “other financial consideration” was for 2008.

    Panidt answered that his compensation for 2008 was his salary of $1 million. He then stated that he took no bonus for 2008.

    But he actually received a little more than $10 million for 2008.

    He directly answered the question posed to him and gave an answer that was not truthful. I have a hard time believing that he did not know it was not true when he gave it. That looks like a lie to me.

  • RobT

    Easy way to tell if he lies: his pants will burst into flame.

    Doesn’t work for everyone – Ken Lewis wears an asbestos Brioni to congressional hearings. He is a slippery eel.

  • Jason

    Be nice, Ken Lewis is only lying when his lips are moving.

  • Citigroup CEO Walks Off With $260 Million After His Bank Loses 88 Percent Of Its Value » Angry Monks

    [...] while Pandit made off like a bandit, shareholders were not so lucky. Via Matt Yglesias, here’s Citigroup’s stock [...]

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