Citi Awarding Large Bonuses

[jtuck004]

Are they just getting around the limits set by the government? And these are the people the Repulican'ts are fighting to keep tax discounts for? With many people unable to find a job, losing their homes?

And we own 17% of this company as taxpayers.

NEW YORK – Citigroup, still partly owned by the government after a rescue during the financial meltdown, is giving raises to top executives that could amount to millions of dollars.

CEO Vikram Pandit, who is drawing a salary of $1 for the second year in a row, did not get a raise, but the chairman of the bank hinted it plans a big payout for him next year.

The announcement Friday by Citi, which remains weaker than most of the large American banks two years after the meltdown, raised questions among experts on corporate governance.

By paying the raises in company stock, not cash, Citi has decided to follow previously issued guidelines that limited salaries to $500,000 for the top 25 executives at financial institutions still receiving large amounts of federal help.

“The question is do they deserve higher salaries, and are they evading rules to avoid losing talent?” asked Charles Elson, director of the Weinberg Center for corporate governance at the University of Delaware.

Article here...

Here's another post in June relating to bonuses.

[aquart]

1. They have never not been thieves.

[dixiegrrrrl]

2. Wait..they are paying raises, but in stock.?

Or maybe not?
Citigroup Inc. banker Stephen Trauber could receive up to $30 million over three years, The Wall Street Journal reported Monday.
The report, which cited people familiar with the matter, said that the energy banker who recently joined the firm from UBS stands to be among Citigroup's highest paid employees.
The U.S. Treasury still holds 17.5% of Citigroup.