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Citi CEO Pandit Criticizes Bonus-Tax Bill

Business Week 03/20/2009 15:24
Citi CEO Pandit Criticizes Bonus-Tax Bill - Citigroup


Citigroup's chief, in a memo to employees, says complaints about excessive pay are going too far and risk penalizing those working to save the system



At the end of a week in which popular anger over executive pay and bonuses translated into legislation that could impose heavy taxes on payouts at numerous firms receiving federal bailout dollars, Citigroup (C) CEO Vikram Pandit has distributed a memo to the company's employees that criticizes the prevailing mood and urges them to "continue to work hard helping clients and customers."

Pandit's Mar. 20 memo takes aim at legislation passed Mar. 19 in the House of Representatives that slaps a tax of up to 90% on bonuses given to highly paid employees of companies that receive federal funds. The legislation was rushed through the House following an uproar over $165 million in retention bonuses given to executives in American International Group's (AIG) financial-services division.


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God help us get integrity back in our government..appalling! We his salary to preach this?! idiots Get out! I'M SICK OF THESE UNGRATEFUL EMPTY HEADS WITH SH-T FOR BRAINS hello people Georgia and Idiod congresscritters how stupid can one be? justice...
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