Why progressives should rescue the TPP trade deal

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29. USTR's Michael Froman was paid millions in bonuses from Citigroup to join Obama admin

Obama Admin’s TPP Trade Officials Received Hefty Bonuses From Big Banks

February 20, 2014
by Lee Fang

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 undersecretary 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 US 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.”


Read more:
http://billmoyers.com/2014/02/20/obama-admins-tpp-trade-officials-received-hefty-bonuses-from-big-banks/

Wall Street Pays Bankers to Work in Government and It Doesn't Want Anyone to Know

BY DAVID DAYEN - February 4, 2015

Citigroup is one of three Wall Street banks attempting to keep hidden their practice of paying executives multimillion-dollar awards for entering government service. In letters delivered to the Securities and Exchange Commission (SEC) over the last month, Citi, Goldman Sachs and Morgan Stanley seek exemption from a shareholder proposal, filed by the AFL-CIO labor coalition, which would force them to identify all executives eligible for these financial rewards, and the specific dollar amounts at stake. Critics argue these “golden parachutes” ensure more financial insiders in policy positions and favorable treatment toward Wall Street.

“As shareholders of these banks, we want to know how much money we have promised to give away to senior executives if they take government jobs,” said AFL-CIO President Richard Trumka in a statement. “It’s a simple question, but the banks don’t want to answer it. What are they trying to hide?”

Read more:
https://newrepublic.com/article/120967/wall-street-pays-bankers-work-government-and-wants-it-secret

http://www.commondreams.org/news/2016/05/27/emails-show-tpp-collusion-between-big-banks-obama-administration