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From Playbook:
Citigroup’s top executives, and Robert Rubin, a director and senior adviser, are ready to forgo their bonuses this year amid growing internal and external pressure to atone for the company’s huge losses and a $300bn government bail-out. A person close to Mr Rubin, a former US Treasury secretary, said he had told the board that, under the circumstances and at this stage of his career, he felt the funds that would have been used for his bonus could be better spent on other employees.Am I missing the point of bonuses? I always understood them to be tied to performance, either that of the individuals or that of the company. But the company almost went bankrupt this year and the executives demonstrated themselves almost cosmically hapless. If they were going to get bonuses, then what could the term possibly mean? Bonus for what? A working cardiovascular system?
