Big Bonuses Are Back On Wall St. (VIDEO)
He owns a 1,000-year-old castle. He's could get a $100 million bonus this year. And, believe it or not, he works for a bank that's 33 percent owned by the government.
In a report that suggests that Wall Street pay packages have returned to pre-bust levels, the Today Show reported this morning on Citigroup's star energy trader Andrew Hall, whose contract stipulates that he can receive a pay package worth up to $100 million this year.
Hall's pay will likely be vetted by the Obama administration's new pay czar Kenneth Feinberg, but NBC's Lisa Meyers points out that the top six Wall Street banks have dedicated no less than $75 billion to pay employees this year. And, despite posting three straight quarterly losses, Morgan Stanley has set aside $6 billion to reward employees.
All of which, Meyers points out, suggest Wall Street's excessive and dangerous pay practices have returned.