The saga of excessive executive pay continues within the financial industry.
Citigroup has now frozen millions of dollars in severance pay for five former executives.
Assuming this is a result of negative media coverage over executive pay, (and being that Citigroup is the recipient of big government bailout money), the next question would seem to be…how happy were the five executives when they were notified that their millions would not be forthcoming?
Not too, I imagine, and since the payments were legally agreed to, what’s to prevent them from filing a lawsuit against Citigroup?
Oh, I know, I forgot to mention that Financial Times.com reporter Francesco Guerrera reported that
“People familiar with the situation said the bank would consider resuming the severance payments once the current hostility to large compensation packages had died down.”
Okay, now WHEN will that be?
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