The practice of using taxpayer dollars to trap top financial talent inside of zombie banks continues despite the public outrage and political backlash. It seems banks will stop at nothing to make sure that they capture as much of the bailout dollars for the personal benefit of their employees.
Here’s the latest outrage: Citigroup, which is only solvent because it has taken $45 billion from taxpayers and had its debt and asset values guaranteed by the government, is paying multimillion-dollar guaranteed bonuses for salesmen and traders it has hired in London and New York.
“The bonuses in London will be largely in cash, some as high as $2 million to $3 million, and a senior Citigroup trader in New York told a recruiter he was willing to hire with cash bonuses in the United States, the recruiter said, asking not to be identified because of a client confidentiality agreement,” Reuters reports.
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