whitehouse doesnt want to pay 1 citigroup employee 100m

[whatif_3]

NEW YORK (Reuters) - Phibro LLC, the energy trading arm of beleaguered bank Citigroup, was mum Tuesday after the White House criticized a reported $100 million pay plan for its top trader Andrew Hall as "out of whack."

The Wall Street Journal reported on Saturday that Phibro's Hall, a trader known for huge long-term punts in the oil market as well as for his vast and eclectic art collection, was pressing the company to honor a 2009 pay package amounting to about $100 million despite Citigroup's financial woes.

White House spokesman Robert Gibbs said on Monday "one could easily come to the conclusion that that's probably a bit out of whack on any pay scale."

http://www.reuters.com/article/newsO...56R43X20090728

[STAROTICA]

those bastards!

[ShellyCrash]

That's pretty crazy, who would write an employment agreement like that?

[GetSCORECash]

those bastards!

That lucky Bastard!

[OldJeff]

That's pretty crazy, who would write an employment agreement like that?

Someone that makes a couple billion dollars from his efforts.

[woj]

Someone that makes a couple billion dollars from his efforts.

[JFK]

Pay the Guy

[Forest]

he made Citi something like $700m

[whatif_3]

Pay the Guy

thats what i say, the guy is likely worth it

[dyna mo]

He is credited with buying every available oil futures contract in 2003, when it was expected that prices would remain stable at as little as £12 a barrel.

But as the demand for oil rocketed and prices surged to more than £90 a barrel over the next few years, Mr Hall and Citigroup made hundreds of millions of pounds.

Mr Hall, 58, is believed to be legally entitled to the bonus under the terms of his profit sharing contract with Citigroup, which promises him a large percentage of Phibro's gains.

The company is reportedly having a good year and on current trends is likely to trigger a handsome payout for Mr Hall.

http://www.dailymail.co.uk/news/arti...mp-misery.html

[pornguy]

That's pretty crazy, who would write an employment agreement like that?

Its not his fault that The bank could not do business the right way and lost their asses. As long as he met the terms of his contract he should be paid.

[slapass]

How can they not pay him? It is not like he was mmaking 50k a year and said I want 100m. it was the contract that says he is owed that.

[JC Maldini]

NEW YORK (Reuters)

White House spokesman Robert Gibbs said on Monday "one could easily come to the conclusion that that's probably a bit out of whack on any pay scale."

http://www.reuters.com/article/newsO...56R43X20090728

Can't wait for the White House to release a pay scale that they approve

[baddog]

How can they not pay him? It is not like he was mmaking 50k a year and said I want 100m. it was the contract that says he is owed that.

Would go entirely against the distribution of wealth idea if you let one guy make that much.

[GetSCORECash]

Would go entirely against the distribution of wealth idea if you let one guy make that much.

Very True...

[ztik]

Need to pay the man, he earned it. Its pretty fucked up if they don't. It sounds like thats part of his comission. Not his standard salery.

[jalami]

If they don't honor the profit sharing agreement, Citi can expect to lose all of its current and potential traders to other companies and end up being unable to pay off the TARP loans as a result, causing taxpayers to fork over more money to keep them from going belly-up. Plain and simple.

[BradM]

I don't get it. He actually earned that.

Fucking government. This is getting completely insane.

[Rodent]

Pay the man. No different than anyone else that gets a performance based contract....he just made his company a shitload more than anyone else so his payout shows it.

[Twistys Tim]

That's pretty crazy, who would write an employment agreement like that?

He was guaranteed a % of profits from speculating on the price of oil. He bought oil futures low, and then the price went through the roof, making his employers a vast fortune.

His 100 million might be just 1% of the profit.

If they agreed the terms, they have to honor the agreement.

[SykkBoy]

Pay the guy, he more than earned it...

[PornMD]

It sounds absolutely heinous when you say Citi wants to pay one of their employees $100 million. On the other hand, it sounds absolutely heinous when you say an employee made the company X amount of money and under contract was entitled to a percentage of it, and the White House is trying to stop him from being paid.

It's all about how things are worded. Ask someone if they owned a company, would they ever consider paying an employee $100 million and they'll probably say no. Ask someone if they owned a company and an employee was able to singlehandedly make them a billion dollars if they agreed to pay that employee 10% ($100 million) after the fact, would they ever consider paying that employee $100 million and they'll probably say yes (unless of course they're fucking braindead but who knows anymore).

[F-U-Jimmy]

Hall makes Citi bank i billion profit Halls share is 100 million paid out at the end of his contract. In the mean time Citi Bank spend their 900,000.00 profits on new company jets, lavish parties, new houses, pay rises. Plus they spent the 100,000.00 that should have been paid to Hall. Hall ask's for money, Citi bank say sorry mate the economy is fucked up we can not pay you what we promised. Sorry !! WANKERS !!!!!

[Smiley]

im for paying if and only if Citi can say that they would of been a company without the bailout money....

if Citi didnt get bailed out....guess what no Citi and no bonus....maybe if they sold everything off and then paid him...but while all this money is being handed out to companies that would of failed without it, bonuses like this should be frozen...

we should be paid back first and foremost...in full with interest....then they should be able to look at the ppl that "made them money"...sorry but 100m as a bonus, the guy can certainly hold off a year, he aint broke....its no longer a contract thing...its just the moral thing to do...and here i am trying to preach morals to americans and big business...

if you signed a contract and that company went belly up....do you get your bonus? Citi only stayed afloat even after all this money this guy made for them by getting a hand out...we are paying his bonus, not citi....no different than all these companies claiming HUGE profits....its all because company A & B & C & D,,,got bail out money and then paid other companies they owed who also got bailout money....it was all a fake money changing hands to pay off debts until one giant got it all....its a sham..wow even...

[IllTestYourGirls]

If they only pay him a million, where will the extra 99 million go?

[Blingbaby]

That's pretty crazy, who would write an employment agreement like that?

You should put a visible link to the sites you promote on your affiliate link. Don't make the user search for that shit, that Back button is so damn handy.

[count of monte cristo]

only trouble happens when the govt gets involved here, with the exception of them putting somebody in that can independently revi9ew the salaries (to make sure there is not conflict of interest)

[DateDoc]

He needs to be paid. The amount of money he made Citi is huge. If they do not pay him he will more than likely go work for another company or start his own and that will have more of an adverse effect on Citi than paying him. He'll also sue Citi for his money and win.

[Sausage]

Jesus the guy made WAY more than that for citi, how the hell can you not pay him what was in his contract? Great way to lose your top people, but hey at least they will be replaced by cheaper idiots who can make some nice juicy losses to justify more bailouts ;)

Distribution of wealth baby ;)