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It took a shareholder revolt to force Citi to act in the first place.
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Delaware, where most public companies are incorporated, does not require that companies take a shareholder vote for a cash acquisition.
At Yahoo, it didn't take a shareholder vote to get Dan Loeb of Third Point Capital as well as two of his designees' seats on the company's Board.
"The advantage comes from taking a stakeholder rather than a shareholder view of management," said the study.
Without Whelan's backing none of the above would have been possible, and that includes the rugby, where prior to saving the football club from extinction he used to take a keen shareholder's interest and help out behind the scenes.
"Bear Stearns shareholders took a very significant loss.
Lewis, of course, already took a shot from the shareholders at Bank of America (which needs an additional $35 billion) when he was voted out of his chairman post.
Of course it hasn't helped to have a shareholder taking shots at McGuinn's strategy.
The advantage is that the bank remains intact, while creditors take a haircut and shareholders suffer what Thomas Huertas, of the Financial Services Authority in Britain, calls "death by dilution".
In a new book, "Firm Commitment", Colin Mayer, of Oxford University's Saïd Business School, takes a familiar argument that shareholders have too much power and gives it new life.
Can a board choose to take a portion of the shareholder's tax rebate and use it for whatever it deems necessary?... Amie Tatem Araaya, Staten Island.
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