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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsObama Admin’s TPP Trade Officials Received Hefty Bonuses From Big Banks
Officials tapped by the Obama administration to lead the Trans-Pacific Partnership trade negotiations have received multimillion dollar bonuses from CitiGroup and Bank of America, financial disclosures obtained by Republic Report show.
Stefan Selig, a Bank of America investment banker nominated to become the undersecretary for international trade at the Department of Commerce, received more than $9 million in bonus pay as he was nominated to join the administration in November. The bonus pay came in addition to the $5.1 million in incentive pay awarded to Selig last year.
Michael Froman, the current US Trade Representative, received over $4 million as part of multiple exit payments when he left CitiGroup to join the Obama administration. Froman told Senate Finance Committee members last summer that he donated approximately 75 percent of the $2.25 million bonus he received for his work in 2008 to charity. CitiGroup also gave Froman a $2 million payment in connection to his holdings in two investment funds, which was awarded in recognition of [Froman's] service to Citi in various capacities since 1999.
Many large corporations with a strong incentive to influence public policy award bonuses and other incentive pay to executives if they take jobs within the government. CitiGroup, for instance, provides an executive contract that awards additional retirement pay upon leaving to take a full time high level position with the US government or regulatory body. Goldman Sachs, Morgan Stanley, JPMorgan Chase, the Blackstone Group, Fannie Mae, Northern Trust and Northrop Grumman are among the other firms that offer financial rewards upon retirement for government service.
Stefan Selig, a Bank of America investment banker nominated to become the undersecretary for international trade at the Department of Commerce, received more than $9 million in bonus pay as he was nominated to join the administration in November. The bonus pay came in addition to the $5.1 million in incentive pay awarded to Selig last year.
Michael Froman, the current US Trade Representative, received over $4 million as part of multiple exit payments when he left CitiGroup to join the Obama administration. Froman told Senate Finance Committee members last summer that he donated approximately 75 percent of the $2.25 million bonus he received for his work in 2008 to charity. CitiGroup also gave Froman a $2 million payment in connection to his holdings in two investment funds, which was awarded in recognition of [Froman's] service to Citi in various capacities since 1999.
Many large corporations with a strong incentive to influence public policy award bonuses and other incentive pay to executives if they take jobs within the government. CitiGroup, for instance, provides an executive contract that awards additional retirement pay upon leaving to take a full time high level position with the US government or regulatory body. Goldman Sachs, Morgan Stanley, JPMorgan Chase, the Blackstone Group, Fannie Mae, Northern Trust and Northrop Grumman are among the other firms that offer financial rewards upon retirement for government service.
THE REST:
http://billmoyers.com/2014/02/20/obama-admin%E2%80%99s-tpp-trade-officials-received-hefty-bonuses-from-big-banks/
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Obama Admin’s TPP Trade Officials Received Hefty Bonuses From Big Banks (Original Post)
Triana
Feb 2014
OP
madrchsod
(58,162 posts)1. follow the money....
its always follow the money when it comes to corruption
Scuba
(53,475 posts)2. The rest of us get hope, and pocket change.
Enthusiast
(50,983 posts)3. They have no shame.
And no ethics.
woo me with science
(32,139 posts)4. K&R
Armstead
(47,803 posts)5. Sophisticated Bribery -- So they're still on the payroll. It's disgusting.
Autumn
(45,120 posts)6. Well there's a shocker.
NOT
G_j
(40,370 posts)7. this is what it's all about
this//\\