Some of America’s executives have come under fire recently because their pay seemed to some to be excessive, given their firms’ performances. To choose just two of very many: one Citigroup division head was due a

$97 million bonus in 2009, and Merrill Lynch paid tens of millions in bonuses soon after Bank of America rescued it.

However, big institutional investors are no longer sitting back and not complaining. For example, TV’s Nightly Business Line says that pension manager TIAA-CREF is talking to 50 companies about executive pay. And the U.S.

government’s pay czar 1s looking to roll back some such payouts. Do you think they are right to make a fuss? Why?? L01