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.

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Comments

[fed U]

just more proof nothing changed. Things are back to how they were

good articles http://www.iamned.com

[Mike Barden]

But just think: it will all trickle down someday. Nope, i just gotta go potty.

[sueinmn]

Wasnt Citi under recent threat of bankruptsy after all the baik outs? How can this be?

HOW can this be!

[texhall00]

Why? This better be good!

[cjt1957]

For all of you asking WTF. In this country it is called a contract. Both parties agree to it. If the conditions are met, it is honered. Just like when the posters here go to Macdonalds and work all week, you get your pay check. This guy is getting the wage that both parties agreed he would get if his work was deemed to reach a certain level. Just like when you put a pickel on ever burger, you get your paycheck too. All you have to do is talk Micky D into paying you a 100million dollars to put the pickel on the burger. Try getting the pickel in the center if you would....

[Mike Barden]

Do you know just how hard that is?

[clearthinking123]

No, dead wrong. This is NOT the contract ordinary investors and 401K plan owners, etc. made. These outrageous sums of money are negotiated in secret within a very small elite group of board members where everyone scratches everyone elses back. We still do not have full disclosure of all compensation including golden parachutes, etc. These clever rascals know how to look out after #1 more than anyone else and will always find ways to cloak their true earnings.

$100M is unconscionable and guess who pays for this salary: you do and anyone who owns a financial instrument that passes through these banks at some point. In contrast to the free market fanatics, I believe we indeed do have a handful of intelligent experienced business leaders willing to work for several million dollars, not $100M.

[Sirkll]

I can't believe the people who defend this garbage. His company was bailed out. It is 1/3 owned by the Federal Government. If I go bankrupt the government doesn't float me a loan to tide me over, then watch as I go out and buy myself a bigscreen TV as a reward for all the OT I have been putting in. I go bankrupt, I go bankrupt. The more money I make, the more I have to pay back that I owe. This guy works for a bankrupt company. The "Masters of the Universe" garbage that tanked those idiots is what they should try to be avoiding, not throwing bizillions of dollars at. Did Citigroup not go under? What am I not understanding about all of this? It's like Bizzaro World.

[terramartom]

What the F?

[Davwbaird]

PS you are all slaves to your credit score.

[Skiwee]

From the looks of him, he'll need every bit of it for healthcare.

[polybius]

High pay bonuses have returned? Wow man I didnt know they had ever left!

Thank heavens our masters on wall street have Such a loyal minion as Geithner to interceed for them on this issue!
*sob*

[texaslib82]

The taxpayers have also bailed out the government (in a way since it could have been a chaos with that)....i­s any senator or even the president himself giving up their salary or other perks???

[newsreader64]

THIS HAS TO STOP!

THESE OUTRAGEOUS PRACTICES MUST END!!!!!!!

[sinope]

Just last week, I took all my money out of Citibank and closed my accounts. I'm switching to a local, responsible bank. Money walks!

[HowietheScreamer]

Credit Union, baybeee. They are the way to go.

[BocaMom]

Shame on Congress for letting this happen. How can give you billions of our tax dollars away without any rules??? Pelosi, Reid, Dodd, Frank and all their cronies need to to! They are just lining pockets! Like Ex- Senator and Majority Leader of the Senate. He is making $2 million a year being lobbyist for the Heath Bill! How disgusting!

[iceage7]

Obviously he betted on citi getting bailed out by tax payers and thus citi was guranteed not to fail

[manhattanbeachboy]

This whole "the taxpayers own the company" thing is a little bit naive, don't you think? Clearly, the taxpayers are the ones being owned. Our government is organized anarchy.

All's I can say is read Dante's Inferno and let's get them in the next life! For now, back into your fetal ball positions everyone.