Citigroup -- the giant Wall Street bank still on life-support courtesy of $45 billion from American taxpayers -- wants to pay its 25 top executives an average of $10 million each this year, and award its best trader $100 million. Whaaat?
Second only to health-care reform as a test of Obama's toughness and resolve is reform of Wall Street. And like the health-care industry, Wall Street has platoons of lobbyists and an almost unlimited war chest to protect its interests and prevent change. So what can we learn by what's going on now, regarding pay for the top brass at big "too big to fail" banks?
After the bonus plan for AIG executives blew up last year, a law enacted last February requires that any "too big to fail" institution that's received bailouts get Treasury's approval on pay for their top earners. So far, most are seeking around $7 million each for their top 25.
More after the jump.