Citigroup Execs Sued for Excessive Pay

[LC1735]

Days after being rebuked by shareholders, Citigroup Inc Chief Executive Vikram Pandit and the bank's directors have been sued for allegedly awarding outsized pay to top executives.

The complaint filed Thursday in Manhattan federal court accuses directors of breaching their fiduciary duties by awarding more than $54 million of compensation in 2011 to the executives, including $15 million to Pandit, though the bank's performance did not necessarily justify it.

http://www.huffingtonpost.com/2012/0...n_1440984.html

I wonder when the "top dogs" pay got so out of line with everyone else. I don't remember people talking about it years ago so I wonder if it was a gradual thing.

[nutshell]

The ratio for Citigroup's CEO pay to its employees' average pay is 17:1. Not that big compared to other large companies. It's comparable to Microsoft (13:1) and General Motors (20:1). Huge discrepancies can be found at Wal*Mart (717:1), but then Wal*Mart employs 2.1M workers. The biggest difference I've found is UnitedHealth Group (1737:1).

source: http://www.payscale.com/ceo-income/fortune-50