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Pandit Pay Climbs Toward $53 Million as Citigroup Revenue Slumps - Bloomberg: "Citigroup Vice Chairman Lewis Kaden said in an October 2007 interview that the Old Lane deal was really a way to recruit Pandit and his colleagues.
“You start to see the quality of the team,” Kaden said. “If it succeeds, it was a bargain.”
The bank shut the fund shortly into Pandit’s reign as CEO and took a charge of $202 million in 2008 to write down the value of its investment, according to a regulatory filing.
“You’ve got to give the guy credit, he must be very, very bright,” said Alex Lieblong, who oversees more than $100 million with Key Colony Management LLC in Little Rock, Arkansas. “He sold them a business that they had to write off and they made him president.”"

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