This could get interesting.
It is being reported that Andrew J. Hall, head of Citi's Philbro energy unit, is in line to receive a $100 million bonus for being the only ray of sunshine on Citi's otherwise abysmal balance sheet:
http://apnews.myway.com/article/20090725/D99LM2A8…
Things could get ugly TARP-wise if the biggest welfare bank on the Street intends to pay out that kind of cash in a bonus. True, he probably doesn't fall under the category of executives barred from receiving exorbitant bonuses, but you can bet the government's going to have something to say about this one.
I'm all for getting the government's meddling hands out of the banks, and yes Hall has done well and wasn't responsible for what happened, but a hundred million in this climate? And at Citi no less?
Does anyone know how much he made for Citi? I didn't read the article so excuse the ignorance but I'm sure he made them like 700mm or more...100mm is a lot but obviously the guy brought in a ton of revenues...
the true question is how much "short-term risk" Hall was taking to bring in so much for Citi? if the guy brought in $500 million - $1 billion single-handedly (or close) and has been doing this for years through many business cycles with little sd, not paying him $100 million would be moronic and screw over C shareholders even more if he decided to jump ship.
If he brought in $1 billion this past year because he was taking huge one-sided naked positions then that is another story...
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