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Citi shareholders give thumbs down to CEO pay

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posted on Apr, 21 2012 @ 08:09 PM
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Citi shareholders give thumbs down to CEO pay
Saturday, April 21, 2012 -- San Francisco Chronicle


The shareholders of the big Citigroup said NO to a big $15 million compensation package for Chief Executive Vikram S. Pandit !!!

Not bad. but the vote is "non binding" in accordance with the Dodd-Frank law.
(the law says a vote like this must happen at least once every three years)

The shareholders have indeed spoken. 55% said NO.


Who says there is no good news on Wall Street? On Tuesday, Citigroup shareholders rejected a board-of-directors recommended $15 million compensation package for Chief Executive Vikram S. Pandit.

The "say on pay" vote was nonbinding, in keeping with the 2010 Dodd-Frank law that requires shareholder votes on executive pay at least once every three years. Last year, The New York Times reported, shareholders at a mere 42 out of more than 3,000 companies voted against board-recommended pay plans. With 55 percent of voting shareholders opposed to Pandit's pay, Citi shareholders made news by issuing the first rebuke of a financial giant for overpaying its top guns.



How Ironic !!


Pandit is hardly a poster child for arrogant CEOs. He was the only Wall Street CEO to give his imprimatur to Dodd-Frank by traveling to Washington for the measure's signing ceremony. Now he's the first big-bank giant to get his wallet slapped.

To his credit, Pandit accepted a mere $1 annual salary in 2009 and 2010, during the bank's nightmare ride in the global financial storm. Then the board rewarded him with a $7-million salary and bonus package in 2011, as well as a $40 million retention deal through 2015. That's a sweet thank-you considering that Citigroup's shares are worth about one-fifth their price before the financial crisis began.



But here's the kicker:

I think this is all a P.R. stunt and a kick at the inadequate Dodd-Frank laws.

Why ?

Because the major stockholders are other big corporations, not simple investors.


Example: Names and shares owned

PANDIT VIKRAM S.................386,562 (not a whole lot really)


VANGUARD GROUP, INC. (THE).........112,004,200

STATE STREET CORPORATION .........111,367,004

FMR LLC.............................................90,036,894

BlackRock Institutional Trust Company, N.A. ......81,552,872

JP MORGAN CHASE & COMPANY...................67,700,610


That's just the top 5 stockholders !!

Citigroup major stockholders


Many banks and other big international corporations have a very similar "stockholder" list.








edit on Apr-21-2012 by xuenchen because: (no reason given)




posted on Apr, 21 2012 @ 08:32 PM
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reply to post by xuenchen
 


L
L

for a minute there i thought you'd swallowed this hook, line and sinker.

if the CEO doesn't get the bonus
then there's more profit for the stockholders
of which vickram seems to be the top one

would be interesting to how much he's earning via stocks and compare with the denied bonus
and how much either form of income would be taxed also

publicity stunt indeed

F&S



posted on Apr, 21 2012 @ 08:48 PM
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reply to post by DerepentLEstranger
 



17-Jan-12 130,947 C Acquisition (Non Open Market) at $0 per share.

11-Dec-11 10,118 C Disposition (Non Open Market) at $28.02 per share.
(Value of $283,506)

17-May-11 240,732 C Acquisition (Non Open Market) at $0 per share.


Here it shows that he got 361,561 shares at $0 cost !!!!


Insider Transactions Reported - Last Two Years

Today's value at $33/share = around $12 million.



posted on Apr, 21 2012 @ 08:57 PM
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reply to post by xuenchen
 


ZOMG.
so this publicity stunt only cost him 3 million...:shk:

millions of people made fools of?... Priceless



posted on Apr, 21 2012 @ 09:03 PM
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HOW much MORE do those BASTARDS need??


FLIPPEN insane.



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