Free

A secure location…

b_bush_mexico_73561690.jpgYesterday, President Bush met with Mexican President Felipe Calderon at Hacienda Temozon in Temozon Sur, Mexico. No doubt the security was intense. But what’s this have to do with SEC filings? Well, yesterday was also the day that Citigroup (C) filed its proxy that disclosed just how much it was spending to keep Roberto Hernâô__ndez Ramirez, its non-executive chairman of Banco Nacional de Mâô_Ÿxico, safe. It’s not clear if Hernâô__ndez attended yesterday’s meeting, but various reports note that he owns the hacienda where the two presidents met.

Now, back to the Citigroup proxy:

In consideration of his service as non-executive chairman of Banco Nacional de Mâô_Ÿxico, an indirect wholly owned subsidiary of Citigroup, and other duties and services performed for such entity and its affiliates during 2006, including governmental and client relations and strategic development, Citigroup, or certain of its Mexican affiliates, provided certain security services to Roberto Hernâô__ndez and members of his immediate family as well as office, secretarial and related services, and airplane and helicopter usage. The aggregate amount of such expenses for Mr. Hernâô__ndez for 2006 is estimated to be approximately $2,867,000.

To be sure, there were lots of other interesting things in Citigroup’s hefty proxy, including the $316K that Robert Rubin spent (and reimbursed Citigroup for) on his use of the corporate jet for a little more than three months. And there was strangely only one brief mention of Todd Thomson, who left in early January. But the $2.8 million spent on security last year, paired with the President’s visit to Hernâô__ndez’ estate seemed too interesting to pass up.