Citigroup's (C) $4.7B writedown of its Morgan Stanley Smith Barney stake probably won’t...
Monday, September 17, 2012, 6:05 PM ETCitigroup's (C) $4.7B writedown of its Morgan Stanley Smith Barney stake probably won’t reduce CEO Vikram Pandit's profit-sharing plan award, a sum that could total nearly $24M. Why? Because the plan doesn’t count losses at Citi Holdings, the dead-letter division that holds the company's toxic assets including the Smith Barney brokerage. Excluding the toxic assets, Pandit's plan - which was actually rejected by top shareholders when put to a vote - will record a pretax profit for 2011 and 2012, when the bank's shares actually tumbled.
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