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 3 3 Comments

Burying Grief In Training A Goshawk

In her award-winning book "H Is for Hawk," Helen Macdonald tells the story of training a vicious predator after her father's death.

March 3 12 Comments

The End Of The Lunch Hour

Studies show that only one in five people actually take a break and leave their desks to eat.

March 2 13 Comments

The Beanie Baby Boom And Bust – What Happened?

Zac Bissonnette drew on hundreds of interviews to write a book about "mass delusion and the dark side of cute."

March 2 5 Comments

Russian Opposition MP Reacts To Nemtsov Killing

The sole member of the Russian parliament to vote against the annexation of Crimea discusses the killing of opposition leader Boris Nemtsov.