Tuesday, May 22, 2012

 
 
 
 
 
Citigroup's solution to its "$100 million man" problem: Dump him
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Wednesday, October 07, 2009
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From 24/7 Wall Street:

Andrew Hall, the head of Citigroup's (NYSE:C) Philbro commodities trading unit, has been a thorn in the side of the bank since it was disclosed that he made as much as $100 million. Congress, the Administration, and the public were up in arms over how a bank that was getting tens of billions of dollars in aid could pay one executive that much.

The problem for the government was that Hall has a contract and that deal gives him a percentage of the profits from Philbro. He made a lot of money for Citi and in the process fairly enriched himself. That has not quieted critics.

Citi has probably found a way out of its embarrassing compensation mess...

Read full article...

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