Last month, at a Hilton Hotel ballroom in New York, things turned ugly for some of Wall Street’s most eminent power suits. The occasion: the annual meeting of Citigroup, the financial colossus that last year wrote off $20.4 billion in subprime-related losses — and has so far this year lost another $9.1 billion.

On hand for the annual meeting: over a thousand angry Citi shareholders. They packed the ballroom. And they wanted answers — about the remarkably cushy rewards that continue to flow to Citigroup’s top executives.

How cushy? In January, just a month after Citi's CEO through the worst of the mortgage mess left the company with an exit package worth $42 million, Citigroup’s board of directors awarded that CEO's chief financial officer, Gary Crittenden, a $12 million “retention bonus.”

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