Citigroup Inc. is increasing base salaries for many of its employees as it restructures its compensation program amid new restrictions on bonus payments. The increased salaries will offset lower bonuses, according to a person familiar with the matter who requested anonymity because the plans have not been made public. The higher salaries are not the equivalent of annual raises, the person added. Citi faces restrictions on bonuses as part of a new government compensation oversight plan because the bank received bailout funds from the Treasury Department.
I’m still waiting for “change [sic] I can believe in.” Sure, it’s less than a half year into this new administration (and, just so everyone doesn’t jump in, I am a “yellow dog” Democrat) and I just see business as usual in Washington: waivers for former lobbyists to work in the White House, big business continuing to reap the government benefits for its screw ups, and the little guy still looking for a job and money to feed his/her family.
We’re becoming innured to it all, I suppose.
