The great American swindle continues. Under no circumstances should the Obama administration accept this. The Citi management may have issues today with “motivating” personnel but let’s not forget about the massive amounts they all made during the peak years of the credit bubble. The last time I checked, nobody paid that back yet. If they want to hand it all over now and restart, fine. Otherwise, let Citi and the rest pound salt and go away. If they don’t like it, nobody is stopping them from creating their own business without any government handouts. Let’s see what kind of capitalists they really are.
The disclosures attach names to some of the 25 pay packages that Kenneth Feinberg, special master for Troubled Asset Relief Program executive compensation, approved last month. Feinberg disclosed the packages, but did not indicate the names of the recipients.
CFO John Gerspach’s annual base salary will increase to $500,000 effective Nov. 1 from $400,000 prior to November, while James Forese is receiving $475,000, compared with $225,000.
Gerspach is also receiving $2.92 million of stock salary for 2009, while Forese will get $5.4 million.