» Citigroup CEO Vikram S. Pandit’s upcoming compensation package, along with the compensation packages of other executives, was voted down by a majority of shareholders during an investors meeting in Dallas. While the vote was nonbinding, meaning the bank doesn’t actually have to act according to the shareholders’ wishes, the bank says it will not ignore its investors. “Citi’s board of directors takes the shareholder vote seriously,” said spokesman Jon Diat, adding, ” [We’ll] consult with representative shareholders to understand their concerns.”
» The high cost of big loopholes? The angst you may have had or heard the past few years about corporate tax loopholes and decadent executive pay comes home to roost nicely in this study by the Institute for Policy Studies, a left-wing Washington think-tank. As is typical in the strange and sometimes muddy world of Washington think-tanks, some have doubted the study (which found that 25 of the 100 highest paid CEOs in America earned more than their company paid in income tax), calling its accounting methods into question — in this case, corporate spokespeople for Boeing and General Electric.