Citigroup's Silly Payout
Citigroup (Stock Quote: C), which is 27% owned by Uncle Sam, will pay director Robert Joss $350,000 for as little as three weeks of not-so-hard labor.
Talk about good work if you can get it.
Despite criticism by shareholder-advisory firm Glass, Lewis & Co. that he lacks the independence needed to serve on the board, Joss will advise on projects for "a minimum of approximately three weeks," according to a filing uncovered last weekend by Bloomberg.
"This is kind of an interesting situation, where you're not management, and you're not independent, but you're a director," said Joss, who joined Citi's board last July.
Wow! That's some paycheck for a "minimum" of his time and for a job he can't define. We would hate to see what Citi would pay Joss for a whole month on a job he could explain.
Not that we begrudge his qualifications, especially when compared to the slouches that used to oversee the belittled banking giant. As a former Wells Fargo big wig and Stanford University business school dean, Joss certainly has the skills to help solve Citi's ills.
But if Citigroup wants an overpaid, underworked poser to run things, it might as well bring back Bob Rubin
Dumb-o-meter score: 75 -- Speaking of overcompensated do-nothing board members: Hey, Dick Parsons! What's new?