In my search to find something positive among the rubbish cascading across our eyes, let us behold a small ray of positive action. Citibank's CEO Vikram S. Pandit tried to stuff his pockets full of millions of dollars more in bank money. The shareholders were not buying it--and turned thumbs down on his proposed heist.
Sorry, Vikram, you need a new plan:
Citigroup’s shareholders rejected the bank’s plan to award its chief executive, Vikram S. Pandit, $15 million in compensation, in a show of frustration about Wall Street pay.Maybe this is a sign I am getting soft, or perhaps desperate for any tidbit of good news because this vote was simply advisory. That said, it's going to be hard for the board of directors to simply ignore a vote for Pandit's legalized robbery package which only garnered the support of 45 percent of the shareholders.
At the bank’s annual meeting Tuesday in Dallas, a majority of investors voted against a proposal on executive compensation, which included approving Mr. Pandit’s pay package.