I learned tonight that Vikram Pandit (ousted CEO of Citigroup) and his COO will both be walking away from the firm with $15 million. Why’s that you ask? Well, the severance packages are apparently due to their making “significant contributions to Citi during their five years of service.” A quick search for the history of Citi’s stock price over that time yielded the chart below. The red (Dow Jones) and orange (S&P 500) lines track pretty well over this time for roughly break even investments. Citi, however, goes from $34o/share to $35.93 over that time, almost a 90% loss in share value. (These are obviously not exact start and end dates of employment, but you get the picture.) For me, this is akin to having someone torch your house to the ground, leaving only the garage untouched, and handing over the keys to your car as thanks. Am I the only that has a problem with this?
Climacteric: a major turning point or critical stage
A window has opened in which we can begin to work towards mitigating climate change. We’ve seen such opportunities squandered before and must make hay before this one closes. Recent studies have found that the most extreme climate predictions are proving to be the most accurate. We have you turn this opp opportunity into sustained action. Bill McKibben, author, activist and co-founder of 350.org, is leading a series of talks on climate change called “Do the Math.” They’re currently touring the Pac Northwest and will soon be traversing the country. I urge you to check it out so that you can Do the Math for yourself.