USA Today: Big Banks Wear Targets as Citi Shareholders Meet
On April 24th, 2013 USA Today published an article about Citigroup’s (NYSE: C) annual shareholder meeting and the shareholder proposal that Trillium Asset Management, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the AFSCME Employees Pension Plan filed a with Citigroup Inc. (NYSE: C) filed, asking the company’s board of directors to explore a possible separation of one or more of its business units.
Tim Mullaney writes:
“On the surface, David Vitter and Seth Magaziner have little in common. But
Wednesday each will take a step that may recast the future of America’s
megabanks. Magaziner is a liberal Boston money manager whose employer, Trillium Asset Management, handles a stake in Citigroup for an order of nuns. Their allies will pressure management at Wednesday’s Citigroup annual meeting to study breaking up the nation’s third-largest bank by assets — a move Trillium proposed last year, but the bank kept it from a shareholder vote with regulators’ assent.
Vitter is a Republican senator from Louisiana, a Tea Party enthusiast who will join Ohio Democrat Sherrod Brown to introduce a bill to nearly double capital requirements for huge banks like Citi, which itself might force a breakup.
‘There’s irony in this all around,’ Magaziner says. ‘But it speaks to the mounting evidence that the financial system we have is bad for shareholders and society.’”
You can read the entire article at:
http://www.usatoday.com/story/money/business/2013/04/23/bank-breakup/2097337/
