Read the Bills Act Coalition

Thursday, December 4, 2008

Thanks for nothing...well, I guess it's a start

They'll forgo their bonuses, thanks guys! (yes that's sarcasm) How about performance/merit pay for top executives period...reap the rewards for good performance...you don't get much on bad performance, who would argue with that since it eunteprenurial and engages the executive in to company they manage and the decisions they make...I would jump at the chance to be paid on my performance (oh yeah I am paid that way)..From the Financial Times:

“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 $300B 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. Mr. Rubin, who has earned more than $115M since joining Citi in 1999, also waived his bonus last year.”

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