VIDEO – For many years, major bank CEOs have enjoyed multi-million dollar bonuses regardless of their job performance or the company’s stock performance. But in reaction to the financial crisis, the Dodd-Frank law passed by Democrats in 2010 included a provision that financial institutions have to hold non-binding shareholder votes on executive pay. Citigroup’s major shareholders just had such a vote and rejected a $15 million pay package for CEO Vikram Pandit that is sending shock waves through the banking industry.
Of course, the puppets of Wall Street in Congress have repeatedly fought any regulation of the banking industry, even after the financial crisis. They know where their campaign contributions come from: all Republicans voted against the Dodd-Frank law . These Wall Street operatives have been compensated well to oppose regulation of the banking industry. Mitt Romney is now Wall Street’s operative-in-chief.