Tough annual meeting for Citigroup

It was an uncomfortable annual meeting to be sure. But Vikram Pandit and the Citigroup board survived. As the AP recounts, though, they had to endure lots angry shareholders--not to mention ex-employees--stepping to a microphone to let them know how they had failed. On customer service, governance, the stock price, pretty much everything, especially executive pay. One guy called Citi's compensation plan a "shell game" that did not link pay to performance while shareholders suffered. This was expected, and the system is set up to make it really hard to oust directors. But there likely is a good deal of shame on the part of Citigroup directors. Pandit is hardly sitting on his hands, but the anger evident this year will only be worse next year if there are no signs of progress.

For more:
- here's the AP article

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