May
2012
Saturday, August 01, 2009
DAVID SEGAL, The New York Times, 

Should Andrew J. Hall get his $100 million bonus?

Mr. Hall, the 58-year-old head of Phibro, a small commodities trading firm is under contract with Citigroup. His share of the profits from a characteristically aggressive year of bets in the oil market will net him nine figures.

Corporate pay has become a live grenade in the aftermath of the largest series of corporate bailouts in American history.

Mr. Hall, raised in Britain and known for titanium nerves and a collection of pricey art, is the standout performer at an operation that has netted Citigroup about $2 billion over the last five years. If Citigroup will not pay him the huge sums he has long made, someone else probably will.

The added wrinkle is that Mr. Hall works in a corner of the trading world that appears headed for its own infamy. Regulators are pushing to curb the role of traders like Mr. Hall, whose speculation in the energy markets may have played a major role in the recent gyrations of oil prices. [NYT]

The question is ... Why should a man whose actions caused gas prices to spike to $4 per gallon be paid $100 million dollars for helping fleece the American public?

Posted by Editor on 08/01/09 at 07:12 AM •  (0) Comments

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