Citi Pandit told Congress compensation was $1 Million but bank filing shows $10.8 Million

Mish, via Huffington Post, via Reuters shows:

Citigroup Chief Executive Vikram Pandit received nearly $11 million of compensation in 2008.

A month earlier, he testified to Congress that his compensation for 2008 was just $1 million.

"My compensation for the year 2008 was my salary, which was $1 million," he told the House Committee on Financial Services on February 11, failing to mention his sign-on and retention awards, as well as stock and option awards.

At the same hearing, Pandit pledged to accept a salary of just $1 a year and no bonus until Citibank once again posted a profit.

The $10.82 million in total compensation for 2008 consisted of $7.73 million in sign-on and retention awards, a $958,333 salary, $9.84 million of stock and option awards and $16,193 of other compensation.

According to Crain's New York Business, Pandit originally was paid $40 million, not $11 million, but lost a significant bulk of the money when the stock tumbled, recently dipping to below $1 a share.

Please also have a read at this previous post: Citi CEO Vikram Pandit Says "Pigs Can Fly"