Looks like investors are finally getting peeved and want to do something about excessive CEO pay:
In a stinging rebuke, Citigroup shareholders rebuffed on Tuesday the bank’s $15 million pay package for its chief executive, Vikram S. Pandit, marking the first time that stock owners have united in opposition to outsized compensation at a financial giant.
The shareholder vote, which comes amid a rising national debate over income inequality, suggests that anger over pay for chief executives has spread from Occupy Wall Street to wealthy institutional investors like pension fund and mutual fund managers. About 55 percent of the shareholders voting were against the plan, which laid out compensation for the bank’s five top executives, including Mr. Pandit.
“C.E.O.’s deserve good pay but there’s good pay and there’s obscene pay,” said Brian Wenzinger, a principal at Aronson Johnson Ortiz, a Philadelphia money management company that voted against the pay package. Mr. Wenzinger’s firm owns more than 5 million shares of Citigroup.
It’s a start. The article goes on to say the Bank of America has their annual meeting coming up, and they’ve been tanking as well, so hopefully we’ll see more of this. It kind of boggles the mind why it’s taken 4 years or so, after these guys completely firebombed the economy and themselves in the process, which means their stock price, for the actual owners to step up and stop paying these assholes such insane salaries.
Oh, yeah, the fact that these investors were even able to vote on executive pay is because of that horrible, horrible GOVT instrusion into TEH MARKET that is Dodd-Frank. Even though for some reason the vote isn’t binding. You’ll also notice that the smallest investor the article cites owns $400,000 worth of stock.