This is the same Citigroup that received $45 billion in bailout money. The same Citigroup that will soon be 34% owned by the U.S. government. The same Citigroup that has lost 95% of its share value since 2007.
My Comments: There is an ongoing uproar over Citigroup doing this. I'm perfectly fine with this. The man signed a contract and performed. Pay him. Case closed.
However, there is talk Obama is going to send one of his "Czars" to amend that contract. So I guess Obama gets to decide which contracts are valid and which aren't (just like the contract that GM and Chrysler had with their bondholders).
The bottom line is this guys salary (although probably excessive) is going to be taken from him. and if the govt doesn't like having to deal with these issues then next time they should just let the banks fail and he can find a new job. Problem solved.
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