Rubin Defends His Role at Citigroup - WSJ.com

Its troubles have put the former Treasury secretary in the awkward position of having to justify $115 million in pay since 1999, excluding stock options, while explaining Citigroup's $20 billion in losses over the past year and a government bailout of at least $45 billion.

Mr. Rubin's salary made him one of Wall Street's highest-paid officials -- and a controversial figure among Citigroup shareholders and some executives, who questioned whether his limited duties justified the big paydays.

"Even though he has no 'operating' responsibilities, he still has a fiduciary responsibility as a board member," said William Smith, a New York money manager and frequent critic of Citigroup's current management and board. "He has overseen the entire meltdown, yet been compensated as an operating employee while bragging about having no operating responsibility." Mr. Rubin can't "have it both ways," Mr. Smith added.