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Citigroup Revolt: Just Say No (Finally) to Obscene Pay

by Abby Zimet

Days after a majority of shareholders rejected a $15 million pay package for Citigroup's CEO Vikram Pandit - the first such rejection at a major U.S. bank since last year's Dodd-Frank bank reform made it possible - a suit has been filed against Pandit and his directors for "breaching their fiduciary duties" by awarding executives $54 million in a year when the bank lost money for everyone else. Pandit's still got millions, but maybe folks are starting to think enough is enough.