Take, for example, Citigroup in 2009, when it was on the ropes and existing largely because of our bailout. Their contracts with some high-level employees stated that ‘your guaranteed incentive and retention award’ would not be paid upon
exit from Citigroup. Guess what? There was one exception - you would receive
that compensation ‘as a result of your acceptance of a full time high
level position with the United States Government or a regulatory body.’
Jack Lew, the Obama nominee, for Secretary of the Treasury, was able to bank his $940,000 bonus when he left Citi to join the government. Is it at all likely that Citi had the money to pay the bonus because we gave it to them? Was Citi expecting that Lew would remember the bonus when making decisions affecting Citi?
What is it with Obama's nominees for this job? Tim hadn't paid his taxes.
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