Heckles and jeers at Citigroup meeting
At Citigroup's annual shareholder meetings, there were plenty of taunts and insults, and not all of them well-thought out. But it made for some interesting theater, as painted by the AP. Chairman Richard Parsons and CEO Vikram Pandit endured taunts of "Byzantine," "communist" and "socialist." Evelyn Davis said the Citi Field deal was the "most stupid thing" and a waste of shareholder money.
When Parsons decided to recognize departing members of the board, including ex-chairman Win Bischoff and former Treasury Secretary Robert Rubin, one man yelled "Thank God you've gone!" Another said Bernie Madoff could have done a better job. Ouch! In the end, none of the resolutions targeting management passed. That's the reality of shareholder votes. Management has all the aces. The small-stakes guys, while vocal, just don't have the clout.
- here's the AP article