Happy Days Are Here Again (For the Masters of the Universe)

Posted by Digby, Hullabaloo at 4:31 PM on June 24, 2009.

Citigroup joins Morgan Stanley and UBS AG in boosting salaries for executives and employees.

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Happy days are here again ...

... for the masters of the universe anyway:

Citigroup Inc., the U.S. bank that got $45 billion of government funds, will raise base salaries by as much as 50 percent to help compensate for a reduction in annual bonuses, a person familiar with the plan said.

The biggest increases will go to investment bankers and traders, said the person who declined to be identified. Workers in consumer banking, credit cards, legal and risk management will see smaller salary adjustments. The New York-based company also plans to award stock options to try to keep employees after Citigroup’s market value plummeted 84 percent in the past year.

Citigroup joins Morgan Stanley and UBS AG in boosting salaries for executives and employees. Morgan Stanley said last month it will increase base pay for many of the New York-based firm’s top executives and double the pay of Chief Financial Officer Colm Kelleher.

“Citi continues to examine ways to ensure its employee compensation practices are competitive in this very challenging market environment,” Citigroup spokesman Stephen Cohen said yesterday, declining further comment.

Right. Because apparently there is a bidding war going on for all those traders and investment bankers who tanked the economy. Talk about failing up. Meanwhile the people in credit and risk management aren't quite as much in demand.

The markets are fully functioning again. Let the next bubble begin. Tulips have been done. How about arugula?

Tagged as: economy, crisis, wall street, executive pay, raises

Digby is the proprietor of Hullabaloo.

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Off with their heads [Report this comment] Posted by: Hiroak on Jun 24, 2009 6:45 PM Current rating: 5 [1 = poor; 5 = excellent] I volunteer to pull the lanyard on the guillotines (with dull blades) to kill these scum. Merka is over and if further proof is needed then you are a zombie. May the devolution begin, the fat asses in this country aren't capable of anything approaching what the Iranians are doing, we are no longer a great nation we are a venal nation that worships mammon and is packed full of fools. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » I'm tellin ya, some "artist" needs to.. Posted by: jcalhoun wow, something without precedent... [Report this comment] Posted by: maddy on Jun 24, 2009 9:21 PM Current rating: 5 [1 = poor; 5 = excellent] rats returning to the sinking ship. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] Nice legacy Sandy Weil [Report this comment] Posted by: weathered on Jun 25, 2009 3:10 AM Current rating: Not yet rated [1 = poor; 5 = excellent] Shitibank is just that. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] What the government doesn't get......... [Report this comment] Posted by: progressive-life on Jun 25, 2009 4:10 AM Current rating: 1 [1 = poor; 5 = excellent] is that America is a free market system..workers will go to the highest bidder. In "Obamaland" they might think things are different but as with anything run by the government, reality often escapes them! [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » You're obviously not paying attention Posted by: orda » WTF are you even posting here for. Posted by: wolfgangmo75 » When did this happen? First the Indian population had to have their homes stolen Posted by: RR#1 We made our Bed over the last 3 decades [Report this comment] Posted by: Purple Girl on Jun 25, 2009 4:50 AM Current rating: 3 [1 = poor; 5 = excellent] Now we have no choice but to lie in it. Give me a Fucking break- this Pres is at 6 months and he is expected to rectify the economic treasonous legislation and practices which have been going on since the '80's. I don't recall Obama being part of the Keating 5,Or Enron, Or the Tech bubble, or signing NAFTA, or the Modernization Act, or Repealing Glass Stegall,Or Selling Derivitives, or Interst only mortgages, or heading up a hedge fund, Or Reducing taxes on the most Wealthy while stagnating wages on the middle class... And it's not just been the Hill and their benefactors who were profitting during this spiral Downwards toward the drain- many American were more than happy to turn a blind eye as long as their stocks were bringing in hefty dividend checks or could get their foot inside that Big Foot home. The Gov't and the Public have been dancing with this Financial industry Devil for Decades, now you condemn the president for having to pay for a dance or two more? Who couldn't have seen this coming in the '80's- what the hell do you think Trickle Down meant? did a "Trickle" sound like enough 'liquidity' to nourish and sustain those in the masses below- hell no! Trickle Down has always been the economic thievry of the upper echelon- the cause of the Fall of many empires, the very system which Fuedalism operates off and Our Founder Rejected! But You were all placated when you opened your 401K Statements, got a few more buck in your check, got to deduct a couple hundred from your taxes. They Threw US peanuts and we performed the act of Blind Faith for them. Obama was handed a Shit Hole We all helped Create. I admit living beyond my means, racking up credit cards figuring the next year would be better, but every year falling further in debt. I admit I assumed Wall Street and Economist Gurus knew what the hell they were doing, wouldn't run our country into the ground for their own alliegence to a doctrine or greed. I Was Wrong, and so were about 300 Million other Americans. so Now to satisfy our guilt we are ready to sacrific the New admin who has had this 30 yr Clusterfuck handed to them? Guess What folks had we NOT handed the Wall Streeters our Country's Economy on a silver platter over the last few Decades, The Obama admin would not be in the situation of trying to rectify and salvage the situation any way they can- including paying the Devil another dime to dance US out of this economic meltdown.Yes WAll street & industry caused it, but dont' forget we gave the the ways and legal means to do it. Since Wall Street et al were granted the Keys to our economy- we need them to get US out.Sucks but we should have been screaming for Reform and stiffer restraints, after the S&L Scandals of the '80's!We've had a number of Red Flags and have had plenty of time to demand Banking/Fin Reform, Block Corps getting 'too big to fail' and Wall Street Watchdog viligance- But WE didn't. When you are handed nothing but shit to use, you use the shit you've been handed. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » ha ha Obama has fooled you too... Posted by: jcalhoun » I wonder if they've shown him the "film" yet? Posted by: wolfgangmo75 » Anything above subsistence is above your means in a market economy Posted by: RR#1 Finally, a change we can all believe in!!!! [Report this comment] Posted by: bonapartist on Jun 25, 2009 8:37 AM Current rating: Not yet rated [1 = poor; 5 = excellent] Instead of getting their money in big chunk at the end of the year they will get the same amount spread out over 12 months. Best of all the money is not comming from investors, no sir, tax payers will jump in and pay for the deficit. Big eared "Yes-we-can" turd is living up to his slogans, too bad nobody few were aware of fine print comming with those slogans. Audacity of hope anyone? [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] The most expendable make the most [Report this comment] Posted by: vertical on Jun 25, 2009 12:46 PM Current rating: 5 [1 = poor; 5 = excellent] It is odd that in this country that the people that are most expendable make the most money. For instance, stock brokers make more meny than farmers but would the rest of us be in more trouble if all stock brokers died tomorrow or all farmers? We could survive without trading stocks but I doubt we could survive with no food! [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

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» I'm tellin ya, some "artist" needs to.. Posted by: jcalhoun

» You're obviously not paying attention Posted by: orda

» WTF are you even posting here for. Posted by: wolfgangmo75

» When did this happen? First the Indian population had to have their homes stolen Posted by: RR#1

» ha ha Obama has fooled you too... Posted by: jcalhoun

» I wonder if they've shown him the "film" yet? Posted by: wolfgangmo75

» Anything above subsistence is above your means in a market economy Posted by: RR#1

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