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Obama Admins TPP Trade Officials Received Hefty Bonuses From Big Banks
Posted at 9:00 am by Lee Fang -- Just ANOTHER INCENTIVE for the "BEST & BRIGHTEST to SERVE their Government and the People."
Officials tapped by the Obama administration to lead the Trans-Pacific Partnership trade negotiations have received multimillion dollar bonuses from CitiGroup and Bank of America, financial disclosures obtained by Republic Report show.
Stefan Selig, a Bank of America investment banker nominated to become the Under Secretary for International Trade at the Department of Commerce, received more than $9 million in bonus pay as he was nominated to join the administration in November. The bonus pay came in addition to the $5.1 million in incentive pay awarded to Selig last year.
Michael Froman, the current U.S. Trade Representative, received over $4 million as part of multiple exit payments when he left CitiGroup to join the Obama administration. Froman told Senate Finance Committee members last summer that he donated approximately 75 percent of the $2.25 million bonus he received for his work in 2008 to charity. CitiGroup also gave Froman a $2 million payment in connection to his holdings in two investment funds, which was awarded in recognition of [Froman's] service to Citi in various capacities since 1999.
Many large corporations with a strong incentive to influence public policy award bonuses and other incentive pay to executives if they take jobs within the government. CitiGroup, for instance, provides an executive contract that awards additional retirement pay upon leaving to take a full time high level position with the U.S. government or regulatory body. Goldman Sachs, Morgan Stanley, JPMorgan Chase, the Blackstone Group, Fannie Mae, Northern Trust, and Northrop Grumman are among the other firms that offer financial rewards upon retirement for government service.
Froman joined the administration in 2009. Selig is currently awaiting Senate confirmation before he can take his post, which collaborates with the trade officials to support the TPP.
https://www.republicreport.org/2014/big-banks-tpp/
think
(11,641 posts)CaliforniaPeggy
(149,296 posts)think
(11,641 posts)antigop
(12,778 posts)Last edited Mon Jul 28, 2014, 03:08 PM - Edit history (1)
Hillary Clinton's Business Legacy at State Department
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=5232272
Hillary's Candid Motto for Democratic Party: 'Represent Banks'
http://www.democraticunderground.com/101667554
Lloyd Blankfein: "I held fundraisers for her."
http://www.politico.com/story/2014/04/wall-street-republicans-hillary-clinton-2016-106070.html?hp=t1
But the private consensus is similar to what Goldman Sachs CEO Lloyd Blankfein said to POLITICO late last year when he praised both Christie before the bridge scandal and Clinton. I very much was supportive of Hillary Clinton the last go-round, he said. I held fundraisers for her.
blkmusclmachine
(16,149 posts)TheKentuckian
(24,934 posts)You can even go so far as to throw poor women under the bus in this area, they are being controlled and turned into baby farms not for being women but for the sin of being poor/insufficiently wealthy and that as always, is A Okay.
Apparently, virtually anything else goes in the circus tent.