Ahh, the miracle of government (Congress, salaries, companies, financial)

[coastalrap]

brain drain takes toll at citi and bofa

many top traders and bankers have left the financial giants for rivals. The trend may continue as long as citi and bofa remain under the government's thumb.


By David Ellis, CNNMoney.com staff writer
Last Updated: June 23, 2009: 11:50 AM ET


NEW YORK (CNNMoney.com) -- The so-called brain drain that big banks have worried about ever since the government stepped in to bail out the financial sector appears to be well underway.
And nowhere is that pain being felt more acutely than at Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500), the two banks that have received the most aid from the government and are subject to the most onerous restrictions on executive compensation.

They they said it couldn't be done.






























Talent loss takes its toll at Citi and BofA - Jun. 23, 2009

[HappyTexan]

Citi just announced major hikes in salaries (up to 50%) to compensate for restricted bonuses.
See..didn't take long to find the loopholes.

http://news.yahoo.com/s/nm/20090624/bs_nm/us_citigroup_compensation_18 (broken link)

This link has the "up to 50% statement".
http://news.yahoo.com/s/ap/20090624/ap_on_bi_ge/us_citigroup_compensation_22 (broken link)

Wouldn't you like a 50% pay raise in this depression from a company that had to be bailed out by the US Government ?

[swagger]

Exactly what Tom Sullivan was saying would happen a few days ago, when he was talking about the Goldman Sachs bonuses.

Why should someone stay with a company run by the government, who's limiting the amount of money they can make, when their competitors don't have those restrictions? You're going to see the worst of the worst running the .gov controlled banks.

[AnUnidentifiedMale]

Too bad Bush decided to nationalize the banking industry, isn't it?

[LML]

Why anyone would want to hang on to these losers who took their company.....and a lot of hard working people's money....down the drain is beyond me.

[HappyTexan]

Originally Posted by AnUnidentifiedMale

Too bad Bush decided to nationalize the banking industry, isn't it?

It wasn't Bush singlehandedly. The Fed, Treasury and a Democratic Congress all played part. Remember it had to make it to Bush's desk to get signed....

[coastalrap]

Originally Posted by swagger

Exactly what Tom Sullivan was saying would happen a few days ago, when he was talking about the Goldman Sachs bonuses.

Why should someone stay with a company run by the government, who's limiting the amount of money they can make, when their competitors don't have those restrictions? You're going to see the worst of the worst running the .gov controlled banks.

Like we do with all gubmint employees.

[thefinalsay]

Originally Posted by AnUnidentifiedMale

Too bad Bush decided to nationalize the banking industry, isn't it?

it's sickening. I can't believe a self proclaimed "conservative" did that.

[HappyTexan]

All the more reason to pull your money out and go with a local bank/credit union in your city.
Reward the guys that did it right by keeping your money with them.

[WillysB]

Banking... just another government job. Probly to be given to a local union near you.