“On Tuesday handed the bank a scathing rebuke, rejecting a board-approved compensation package for its senior executives that boosted Chief Executive Vikram Pandit’s 2011 pay to $14.9 million from $1 a year earlier.”
Just the start of the Shareholder revolt and it is about time. What happened to the days of old when Executives made enough to keep them in the Country Club and still reward the Shareholder for their loyalty with a dividend. Greed happened and enough just wasn’t.
Let’s go back to the days of old when enough was. This pull back will put money in the hands of the middle class where it is needed to fund taxes and a non extravagant way of life. It will also fend off inflation. Give it to the middle class as they will spend in it where it is needed most, to live.