Citigroup's Vikram Pandit needs a new $10 million office


Citigroup Inc. (C) Chief Executive Vikram Pandit blew it again.

According to Bloomberg News, the beleaguered bank plans to "spend about $10 million on new offices for Pandit and his lieutenants after the U.S. government injected $45 billion of cash into the bank." You read that right. This is the same Pandit who groveled before the U.S. Congress, saying that he understood the "new reality" facing Wall Street. That's the one where fatcats can fly anywhere they please on their corporate jets. In an effort to show he was a regular guy, Pandit pointed out that he was taking $1 a year in salary until Citibank became profitable again. The problem is the statement was not exactly true.