So re: that report Citi will be raising base salaries to compensate for bonus shrinkage? TARP Congressional Oversight Panel chair Elizabeth Warren is not happy. She appeared on Bloomberg earlier today to say as much, and take issue with the claim that Vikram made a few months back on the Hill that he now understands the reality of what's up.
"I just have to say: These guys just don't seem to get it," Warren said. "They're taking taxpayer dollars in order to keep this business alive, and yet they think that, when Americans are out of work, when people are struggling, when this comes out of taxpayers' pockets, that they can double their salaries? This is more about: Does anyone really understand what's going on here?"
Liz! Has it not been made clear that when it comes to Citi, with the exception of tackling janitorial issues, the answer is always no? Do you know what's going on here?
In related news, the SEIU, also not happy with the 'group, had this to say:
"Color us skeptical, but not surprised: The top dogs at a company who took three taxpayer-funded bailout packages worth $45 billion, while wrecking the economy and keeping the bulk of its employees at near-poverty levels, have decided to reward themselves once more. Unfortunately, not all raises are created equal.
Citigroup needs to commit to give any new raises to front-line bank employees, who struggle just to make ends meet while dealing with the rising costs of healthcare, not top executives who have contributed to this mess."
Warren Slam Citi [The Hill]