You might have seen Andrew Hall's name in the news this past weekend after it was reported that Citigroup (NYSE:C) might not be able to honor his pay package without the approval of the US Treasury pay czar signing off on it first. One of the conditions of receiving TARP funds was restrictions on pay, and Citigroup has not repaid any of the $45 billion it received from the Treasury.
Hall runs Phibro, an energy-trading unit based in Connecticut that has generated substantial amounts of revenue and profits over the past few years for Citigroup. It was reported that he received over $100 million in bonuses last year as the rest of the firm was crippled by the credit crisis. This year, reports indicate that his unit is on target to match last years profits and again trigger the huge bonuses for himself and his unit.
If the pay czar decides against paying out the agreed upon bonuses for the unit, it is very possible that a competitor who has repaid all of its TARP money could lure Hall away from Citigroup. It was announced last month that ten banks had been approved to begin repaying TARP money, including Goldman Sachs (NYSE:GS), JP Morgan (NYSE:JPM), Morgan Stanley (NYSE:MS), and Bank of New York Mellon (NYSE:BK).
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