Word: payes
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...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 banks. Warren has said she wants Pandit to delineate how he plans to fully pay back taxpayers. A spokesperson for Warren says she has no plans to press Treasury on why Citi was allowed out of the government's most stringent pay restrictions...
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...
...idea that Citigroup has paid back its [Troubled Asset Relief Program] money is a charade orchestrated by the government to allow an insolvent bank to pay big bonuses," says Christopher Whalen, who follows Citi and other banks at Institutional Risk Analytics. "It's a scandal...
Under the Emergency Economic Stabilization Act (EESA), which was passed by Congress in October 2008 and which set up the $700 billion bank-bailout fund, the Treasury Department has the ability to officially deem which firms are receiving exceptional assistance from the government. At issue is executive pay. EESA requires the Treasury Department to monitor executive pay at all the firms receiving government assistance. Last summer the Treasury said firms that are deemed to be receiving exceptional aid from the government would be subject to a pay czar. The office, later filled by high-profile lawyer Kenneth Feinberg...
...government owns common stock and not preferred, the Citi deal is unlike any of the hundreds the Treasury has struck with other banks that have participated in the program. Nonetheless, on Dec. 23, Feinberg issued Citi a letter saying the bank would no longer be subject to his executive-pay review...