New Republic - Citigroup is one of three Wall Street banks attempting to keep hidden
their practice of paying executives multimillion-dollar awards for
entering government service. In letters delivered to the Securities and
Exchange Commission over the last month, Citi, Goldman Sachs and Morgan Stanley
seek exemption from a shareholder proposal, filed by the AFL-CIO labor
coalition, which would force them to identify all executives eligible
for these financial rewards, and the specific dollar amounts at stake.
Critics argue these “golden parachutes” ensure more financial insiders
in policy positions and favorable treatment toward Wall Street.
“As
shareholders of these banks, we want to know how much money we have
promised to give away to senior executives if they take government
jobs,” said AFL-CIO President Richard Trumka in a statement. “It’s a
simple question, but the banks don’t want to answer it. What are they
trying to hide?”
1 comment:
FDR's own "dollar-a-year men" program. They loved it then, why wouldn't they want to restore it, in secret?
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