Citigroup, Goldman Sachs and 7 other banks must justify bonuses

October 29. Citigroup Inc, Goldman Sachs Group Inc and seven other banks will have to justify by demand billions of dollars in pay and bonuses by the Congressional investigators after the banks took advantage of the $125 billion bailout that tax-payers funded.

Citigroup accumulated or paid $25.9 billion in wages, health insurance and several other benefits for its 352,000 global employees in 2008.

Olympia Snowe a Maine Republican Senator said that she was “deeply frustrated by Wall Street’s plan to distribute billions of dollars” in pay and bonuses. “Financial institutions that have accepted federal assistance should be required to face consequences from their earlier bad decisions and cancel these bonuses”.

Source: Bloomberg