Citigroup has asked the Treasury Department if they are allowed to pay bonuses to their staff, bonuses that they call "retention" bonuses. The first issue are the bonuses themselves. Citigroup essentially has to pay these bonuses, or most members of one of their most (and only)profitable units. Theses members have threatened to leave because of pay and other restrictions that have been imposed on them by the U.S. government. The government has this power because Citigroup was bailed out in the first place, so they dug their own grave. But in reality Citigroup is no longer even a private company. The treasury department owns 36 percent of Citigroup's common stock. Common stock gives you a vote.
Who has all this control? Timothy Geithner. Yes, the same guy that didn't understand TurboTax, and failed to pay $35,000 in taxes prior to being appointed to Treasury Secretary. A multinational corporation has to ask him for permission to do business? He couldn't even handle his personal finances! This is a scary time and it is only getting worse. Big government, big problems.
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