(another golden parachute) Citi paying departing Klein $42.6 million

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - Citigroup Inc (C.N) agreed to pay departing executive Michael Klein about $42.6 million, a person familiar with the matter said on Friday.

Klein, a former investment banking head, is receiving roughly as much as the bank awarded Charles Prince, the Citi chairman and chief executive, who retired in November as the bank prepared to post billions of dollars of write-downs.

But Klein's payout comes at a cost: under the agreement, he cannot work for, advise, or solicit clients for 12 major commercial and investment banks through October 4, 2009. He also cannot solicit or hire Citi employees during that period.

Klein cannot solicit clients away from Citigroup, but he can approach Citi clients to invest in alternative asset management businesses, including private equity funds.

<snip>

At least some details of Klein's separation agreement were outlined in a regulatory filing, where Citi said it was paying him $21.3 million in cash on March 31, 2009 and $7.5 million of cash on October 5, 2009.

Read more: http://news.yahoo.com/s/nm/20080725/bs_nm/citigroup_klein_dc

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I'm so certain he was worth all that money :sarcasm:

[whistle]

1. That is criminal

[Purveyor]

5. Only if there are not 'criminals' running the gov't....

[Ilsa]

2. This is outrageous. Why doesn't Congress do something

to prevent CEO's from stealing, with the help of the Board of Directors, money from employees, stockholders, etc?

[Purveyor]

7. Because most of Congress is as filthy rotten as these bastard CEO's that have tanked the US

economy.

They cash their hefty 'campaign' checks and then look the other way.

[Occulus]

11. It seems we'd be better off assigning members of Congress by lottery.

I'm only half joking.

[samdogmom]

3. Good grief! Why would he ever have to work again?

All of those non-compete clauses are just nonsense! When are corporations going to get real about executive compensation? You can only spend so much money in a year! Even if you tuck away money for the future...a person can not possibly spend $46 million in a year!...or ten years...or a lifetime!

I'd like to see a return to a "spread the wealth" mentality and things getting a bit more even again.

What did this guy do to earn this salary? It doesn't sound like he did anything stellar to me! Isn't the company nearly bankrupt? Gosh. I wonder why this happened? Maybe they overpaid a few too many "experts"!

In all seriousness--since this company isn't doing well who would want this guy's "expertise"? He obviously couldn't save Citigroup! My hope is that he is now damaged goods and totally unemployable!

[boomerbust]

4. And all the pukes

Are whining about the class warfare and distribution of wealth that is coming under Obama.

[salguine]

6. Guillotine... Guillotine... Come on, say it with me... Guillotine... Guillotine...

[bertman]

8. Poor guy. He can't work for 14 and a half months.

How will he live with only $42.6 million to subsist on?

I just pulled my Citigroup 401K. Screw these thieving assholes.

[bluesbassman]

9. Jeez, I would have run Citi into the ground for half that!

This is getting to the point of being surreal.

[PSPS]

10. Forty years ago, everything over $3 million would have been taxed at 90%

And forty years ago was also the zenith of our economy. Now, we have this vulgarity.

[jayfish]

12. But Klein's payout comes at a cost:..."

he cannot work for, advise, or solicit clients for 12 major commercial and investment banks through October 4, 2009. He also cannot solicit or hire Citi employees during that period."

OMG! How will he survive? :nopity:

Jay

[happygoluckytoyou]

13. rewarding another FAILURE... might as well make a moron president....ahhhhhh!