While Kenneth Feinberg tries to come up with some way to misrepresent a $100 million payout to a trader as egregious or unwarranted given the circumstances, it appears Washington isn't taking any chances. With Citi starting to run low on pieces it can pawn to remain profitable quarter after quarter, the government's adopted bank may have to look to DC to open its wallet to help pay up. This $100 million may not have been contemplated in the earlier series of Citi bailouts but a new government initiative curiously seeks to clear out just enough space to pay a certain energy trader.
The White House announced a list of 77 spending cuts as part of its "100 million savings challenge". Thanks to such initiatives as agencies printing documents on both sides of the paper, cramming in more soldiers on certain flights, and disbanding the agency in charge of enforcing workplace regulation and workers' rights rules (the Employment Standards Administration), it looks like enough pennies will be collected should Andrew Hall threaten Citi's viability.
Posted by NegativeConvexity , Jul 29, 2009 1:54PM
from the look of that picture i would suggest that big C offer to pick up the cost of Hall's ongoing chemotherapy treatments in lieu of the bonus..
Posted by guest , Jul 29, 2009 1:55PM
Greggie has himself a man crush. This Hall's an effing piece of garbage. Phibro has been bounced around different companies for decades. Peel it off and sell it. Then he can make as much as he wants. Every trader in energy had a banner year last year. When there's a tough year he sure as hell won't be giving back the money. Right place right time doesn't equal $100mill in "talent."
Posted by guest , Jul 29, 2009 1:56PM
Greg is not very good at this. I wish Bess would repost
Posted by guest , Jul 29, 2009 1:57PM
Greggie has himself a man crush. This Hall's an effing piece of garbage. Phibro has been bounced around different companies for decades. Peel it off and sell it. Then he can make as much as he wants. Every trader in energy had a banner year last year. When there's a tough year he sure as hell won't be giving back the money. Right place right time doesn't equal $100mill in "talent."
Posted by NAS Keflavik boi , Jul 29, 2009 2:07PM
@ 1 - either that or about $100 million worth of AZT
Posted by guest , Jul 29, 2009 2:08PM
Hall made $250 mm in the past 5 years and stands to make $100 mm this year. Does that mean he could buy Blakenfein's life?
Posted by guest , Jul 29, 2009 2:20PM
BOOOOM GOES THE BLANUS!
Posted by guest , Jul 29, 2009 2:32PM
@1, @5.
Get your facts right. The guy is still a badass sculler. That's why he is so thin.
This guy is the best thing happening at Citi. Read "Demon of Our Own Design" where he is mentioned briefly.
Posted by guest , Jul 29, 2009 2:50PM
@2/4 The dude's been printing money like Zimbabwe since the early 80's. He's legit talent, not some dealflow chump making a living frontrunning pension funds on index buys. Should citi spin off Phibro? Probably, since banks on the dole shouldn't be taking big spec risk. But the man's got a contract, he's owed his money. Even ignoring that, if you stiff him and he leaves, the value they get for spinning off Phibro drops a lot more than $100M. Lay off the haterade
Posted by guest , Jul 29, 2009 2:52PM
http://books.google.com/books?id=2Q_6ojzeFgsC&pg=PA66&dq=Demon+of+Our+Own+Design+hall&ei=T5pwSpS-F5mSywSohP3XDg
Posted by NAS Keflavik boi , Jul 29, 2009 3:09PM
@8/10
okay, okay i take back the wisecrack
Posted by guest , Jul 29, 2009 3:10PM
hear hear @9!
Posted by guest , Jul 29, 2009 3:34PM
Excellent comment, @9. Andrew is a class act. While Deutsch used to brag about Russians trying to kill him (thus the bald spots in his hairline) Andrew and I knew the real story about the scalding hot water that fell on him as a child.
M. Rich
Zug, Switzerland
Posted by guest , Jul 29, 2009 3:46PM
Rich.
Posted by guest , Jul 29, 2009 3:48PM
@2 - negotiate your own contract, not his, douchebag.
Posted by guest , Jul 29, 2009 3:49PM
@13. How is Pincus?
Posted by guest , Jul 29, 2009 4:56PM
Hall looks like he's a homo.
Posted by guest , Jul 30, 2009 12:36PM
@17 - The expert speaks.
Posted by guest , Jul 30, 2009 12:41PM
@17 - The expert speaks.