CRONY CAPITALISM ON WALL STREET

Robert Rubin was hired by Citigroup and was very well paid - $115 million since 1999. He also pushed Citi into riskier business that ultimately caused the Federal government to intervene and bail it out. As the Wall Street Journal put it:

What is clear is that Mr. Rubin encouraged changes that led Citi to the brink of collapse.

Even if Rubin didn't cheerlead Citi into disaster, the WSJ points out that:

As a great man of finance, Mr. Rubin would be paid CEO money -- a total of $115 million since 1999, not including stock options -- but without having to run a business or be accountable for the results. For years, journalists tried to figure out exactly what Mr. Rubin's job was at Citigroup

Why did Citi's owners, the shareholders, put up with this obvious BS?