Nice work if you can get.
Bob Joss, the former chief executive of Australian bank Westpac and now a Citigroup director is being paid $350,000 for as little as three weeks of work as a consultant. That comes out to just over $23,000 a day.
Bloomberg reports that this is in addition to the $225,000 in cash and deferred stock that Citigroup gives each year to all outside board members. "I'm putting in a lot of time, and it seems like it's fair," he told Bloomberg. Well, fair at least to him, not Citigroup investors.
The problem is that if he is a consultant, then he can't be an independent director, although Joss claims that's just a "state of mind". As if being paid $350,000 for three weeks of work doesn't affect your state of mind and influence your decisions. Joss is double dipping.
no comment untill now