Some of America’s executives have come under fire because their pay seemed to some to be excessive, given their firms’ performances. To choose just two of many: one Citigroup division head was due a $97 million bonus, and Merrill Lynch paid tens of millions in bonuses soon after Bank of America rescued it. However, big institutional investors are no longer sitting back and not complaining. For example, pension manager TIAA-CREF is talking to 50 companies about executive pay. Do you think they are right to make a fuss? Why?