Citigroup - suck on this, Vikram Pandit

any pushback on the criminal bankers is welcome...

from the nyt...

Citigroup Shareholders Reject Executive Pay 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.

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.

The advisory vote comes amid widespread furor over Wall Street pay. At a time when profits and stocks are slumping, bank chiefs are collecting multimillion-dollar payouts.

Last year, Mr. Pandit’s compensation included a $1.67 million salary and a $5.3 million cash bonus. In addition, he received a retention package valued at $40 million. In 2009 with the bank on the edge of failure, Mr. Pandit accepted only a $1 salary.

unfortunately, the shareholder vote is not binding...

Citi doesn’t have to act on the vote, which isn’t binding. Still, it speaks to shareholders’ issues. Only 45 percent of shareholders supported the plan.

“Citi’s board of directors takes the shareholder vote seriously, and along with senior management will consult with representative shareholders to understand their concerns,” said Jon Diat, a spokesman for Citi.

too bad they can't take the 99% seriously...

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