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Obama’s top Trans-Pacific Partnership officials were given millions by banks before taking the job

Posted on February 21st, 2014 at 9:49 by John Sinteur in category: Robber Barons -- Write a comment

[Quote]:

The top Obama administration officials working on the Trans-Pacific Partnership came to government from investment banks who will benefit immensely from its provisions, which severely curtail countries’ ability to pass laws regulating banks and other corporations. These top advisors, who came from Bank of America and Citigroup, were given multimillion-dollar exit bonuses when they left their employers for government. For example, the US Trade Representative, Michael Froman, was handed $4M from Citigroup as a goodbye gift on his way into his new job.

  1. But don’t the banks realize there are risks for them too? We all live in the same country. Sorry, I couldn’t resist the snark.

  2. Many large corporations with a strong incentive to influence public policy award bonuses and other incentive pay to executives if they take jobs within the government. CitiGroup, for instance, provides an executive contract that awards additional retirement pay upon leaving to take a “full time high level position with the U.S. government or regulatory body.”

    Look, CitiGroup supports its employees in making the transition to public service by ensuring that the switch to government salaries won’t be too painful. That’s quite generous!

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