Word: city
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Dates: during 2010-2019
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...details of the government's role in keeping the lights on at what was once the nation's largest bank will again be on display on Thursday. For the first time, Citi's CEO will testify before the Congressional Oversight Panel (COP), set up by Congress to monitor the government's bailout of the financial system. Elizabeth Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist...
Critics contend that without the pay czar's oversight, Citi will again award outsize pay packages to its top executives. In 2008, despite steep losses at the bank, Citi reportedly paid energy trader Andy Hall $100 million. Indeed, a number of top Citi officials already seem to be cashing in on the bank's loosened pay restrictions. Earlier in the week, Citi, which lost $1.6 billion in 2009, disclosed that it had paid John Havens, widely seen as the bank's No. 2 executive, nearly $10 million in compensation for his work last year. That topped even the salary...
...firm has received exceptional financial assistance if it has received government aid outside of the initial $250 billion bank bailout, in which the government injected capital into financial firms in return for preferred shares and stock warrants. The list originally included AIG, Bank of America, Chrysler, Chrysler Financial, Citi, GMAC and General Motors. But in December, Bank of America and Citigroup struck deals with the government to get off the list. Bank of America raised nearly $20 billion from investors and paid back the government the $45 billion it was lent under TARP...
Unlike the BofA deal, however, Citigroup's left intact a large investment in the bank on the part of the government. Citi repaid the government's $20 billion in Citi preferred shares, and it closed an insurance agreement that had the government backing as much as $300 billion in troubled Citi loans. But the deal did nothing to repurchase the 7.7 billions shares the government had acquired in Citi in mid-2009. The Treasury considers its remaining stake in Citi part of the Capital Purchase Program initiated at the start of the financial crisis. But because the government owns common...
...Citi's CEO's salary has been cut, but there has been no trickle-down effect," says Brandon Rees, the deputy director of the office of investment at the AFL-CIO, which owns shares in Citi. "Now that they are out from under the pay czar, expect 2010 numbers to go up from here. One of the concerns we do have about companies exiting TARP is that they are just going to return to the old model of compensation...