90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Wednesday, April 18, 2012

Citigroup’s Shareholder Revolt Reverberates On Wall Street

Citigroup CEO Vikram Pandit was rebuffed Tuesday by shareholders. (AP)

Now that Citigroup’s shareholders have become the first at a major Wall Street firm to reject their CEO’s lavish pay package, the bank says it will listen to what its shareholders are saying. But will the rest of Wall Street?

Citigroup shareholders voted Tuesday against the $15 million pay package with a $10 million retention bonus that was granted to chief executive Vikram Pandit last year.

“C.E.O.’s deserve good pay but there’s good pay and there’s obscene pay,” Brian Wenzinger told the New York Times. He is a principal at Aronson Johnson Ortiz, a Philadelphia money management company that voted against the pay package. (The firm owns more than 5 million shares of Citigroup.)

Citigroup nearly collapsed during the financial meltdown in 2007, it took government bailout money, and Pandit took a salary of $1 until the bank returned to profitability.

The vote by Citigroup shareholders is non-binding, but shareholders at a number of other businesses not on Wall Street have rejected CEO pay in the past year, which is something that Dodd-Frank financial overhaul law allows.

Guest:

  • Joann Lublin, management news editor for the Wall Street Journal

Please follow our community rules when engaging in comment discussion on this site.
Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

March 26 3 Comments

Noah Baumbach On Middle Age And ‘While We’re Young’

In the writer-director's new film, Ben Stiller and Naomi Watts' characters befriend a younger, free-spirited couple.

March 26 Comment

How March Became Mad

The NCAA men's tournament started in 1939 but it was decades before it became the extravaganza it is today.

March 25 4 Comments

DJ Sessions: Opera Greats Past And Present

Peter Van de Graaf shares some of his favorites, from the late German tenor Fritz Wunderlich to American soprano Renee Fleming.

March 25 18 Comments

The College You Go To May Not Matter As Much As You Think

Frank Bruni writes in his new book that there are many colleges that are great, but just don't get as much press.