Finally Sending a Message

Sounding more like members of Occupy Wall Street than the establishment managers of pension and mutual funds that they are, the shareholders of Citigroup voted against CEO Vikram Pandit’s pay of $15 million.  While the vote is non-binding, it sends a message to the Board of Directors that they’re on thin ice.

These “say on pay” votes are provided under Dodd-Frank, which is a pathetic piece of financial reform that won’t prevent another economic meltdown, but at least gave Citigroup this well-deserved moment of high-profile embarrassment.  May we see more such moments.