CHESSNOID

So this will soon become the next big piece of controversial news.  We have a bank  with 6 quarterly losses, that we bailed out and have given at last count $25 billion, yet one inidividual will make $100 million BONUS  on a company that is insolvent.

Yahoo AP:

Citi has reported six straight quarterly losses totaling nearly $30 billion. The bank, which will soon be 34 percent-owned by the government, has reduced staff and sold assets to streamline operations and return to profitability.

To keep vital personnel from decamping to other firms, Citi in April asked the Treasury to free the highly profitable Phibro unit from federal compensation limits and last month said it would boost the base salaries of many employees — reportedly by as much as 50 percent for some workers — as it restructures their compensation amid government restrictions on bonuses.

Why does the Obama administration condone this type of behavior. They preach reform and change, but they allow tax money to be squandered away. I doubt this individual would be able to make this type of money in this current economy at some other company not sponsored by the US Government.

Yahoo AP:

The hefty 2009 pay package of Andrew J. Hall, leader of Citigroup Inc.’s lucrative Phibro energy trading unit, may spark a showdown between the New York-based bank and government pay czar Kenneth Feinberg.

Hall’s division generates a substantial chunk of Citigroup’s profit, which the bank sorely needs to get back on its feet and eventually repay the $45 billion it has received in government aid. Under the terms of his contract, Hall’s compensation is linked to Phibro’s profits, but the size of his 2009 pay package, which The Wall Street Journal estimated Saturday may total $100 million, could fuel political and shareholder anger against Citi.

Quite frankly, the Obama administration is really looking like the Bush administration super sized!