American bankers will work for the idea

For the use of state aid during the crisis managers borrowers to pay dearly, in fact, from his own pocket. One stroke of the pen their bonuses slashed by half, but on salaries has remained one tenth. A special "difference" the head of Bank of America Kenneth Lewis and completely deprived of salary for that year.

Recently a decision on wages and bonuses to senior officials of American companies is accepted not the shareholders' meeting, as given at the mercy of one man. Kenneth Feinberg, presidential advisor on compensation, or, as it is called, the "king of payments", has been appointed to a responsible post in June after a wave of discontent about the outrageously high bonuses bank managers that they receive, despite the crisis and the need resort to state aid.

We Feinberg experience distribution of cash. It was he who led the fund assistance to victims of the terrorist attack on Sept. 11, 2001. Now in its responsibility to protect the interests of taxpayers from greed of bankers.

However, the salary he appoints only the heads of those companies that did not have time to return the borrowed program TARP funds. Such "lucky" was seven. These include banking company Citi, BofA, GMAC, Chrysler Financial, the insurer AIG and the auto manufacturers General Motors and Chrysler. But, according to the auditors, not all of these companies will be able to return money to taxpayers. In just ten months of the TARP American companies has been allocated 317.3 billion dollars, and returned during this period was only 72.9 billion dollars. So, salary restrictions will reduce the losses on the program, wrote Slon.ru.

While Feinberg bonuses cut by half, only 25 highest-paid employees in each company. The size of their salaries reduced by an average of 90% compared with last year. In addition, they are forbidden to spend on travel in the car or plane for more than 25 000 dollars, and if necessary, allowing for low cost is necessary to seek a "king of payments" directly. AIG has already exceeded the maximum amount, so the difference will have to return to the Finance Ministry.

Joking with the "king" bad. This has seen Bank of America and Citigroup. Head First Bank of Kenneth Lewis, Feinberg left altogether without a salary, but all that has been paid to him this year, he must return. It is given that last year, Lewis received no bonus, since the results of the bank did not agree with the expectations of the board of directors.

Citi last week had to sell his unit Phibro, trading in oil. The reason is that with its head, Andrew Hall signed a contract to pay $ 100 million, roughly the same amount received for the Hall last year. According to Feinberg, the head of the payment of such large commercial units - unnecessary risks for the company. Citi, the program received TARP 45 billion and nearly a third of which became a state bank, tried to negotiate with the "great and terrible", but as a result was forced to sell Phibro. According to the bank's sale of units had no effect on the incomes of Citi.

All the measures taken - this is only the first wave of "repression". Followed by the second - Feinberg consider salary the following 75 people on the list of highest-paid employees. Maybe then the public will be satisfied, feeling that justice is done.

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