Vikram Pandit: Dead Man Walking
Did you hear about that little scandal over at AIG? Yea, well, someone's been stealing Vikram Pandit's copy of the Journal from his doorstep the past few mornings because Bloomberg just dropped the bombshell that Citigroup plans to spend "about $10 million" building out new offices for Pandit and his top lieutenants. According to affidavits filed with New York's Department of Buildings, the bank that has collected $45 billion from the U.S. government will spend at least $3.2 million constructing 17 offices. But when you account for the architect's fees—and add in the cost of furniture—"the tally for the offices at the bank's Park Avenue headquarters will be at least three times as high." But it sure sounds like it will be lovely: The plans "specify the installation of at least one Sub-Zero refrigerator and icemaker in the renovated space, along with 'premium grade' millwork and Madico Inc. 'Safety Shield 800' blast-proof window film." Too bad by the time construction work is done, Pandit will be out of a job.