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WEDNESDAY, NOVEMBER 25, 2009
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7

Shadowy Citi Trader Demands $100M Payout

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(Newser) – Andrew J. Hall, the man who runs Citi’s shadowy energy-trading unit, is demanding the company pay him up to $100 million to honor a previously agreed-upon 2009 pay package, the Wall Street Journal reports. If Citi doesn’t pay up, Hall could walk and sue, but paying could be a political and PR nightmare, raising the ire of the government’s new pay czar.

Hall’s not your typical Wall Street suit. An avid art collector, he owns an almost 1,000-year-old castle in Germany and once tried to put an 80-foot concrete sculpture on his Connecticut lawn. He runs his secretive Phibro LLC unit from the site of a former Connecticut dairy farm. Phibro occasionally posts huge profits, and Hall is supposed to be paid accordingly. But the Treasury pay czar says TARP recipients need to prove they’re not rewarding risk-taking.

A sign for Citibank is shown at Citigroup headquarters Thursday, April 30, 2009 in New York.
A sign for Citibank is shown at Citigroup headquarters Thursday, April 30, 2009 in New York.   (AP Photo/Mark Lennihan)
In this April 17, 2009, file photo, a sign at the Citigroup Center is seen in New York.
In this April 17, 2009, file photo, a sign at the Citigroup Center is seen in New York.   (AP Photo/Mark Lennihan, FILE)
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Mia
Jul 25, 09 2:00 PM CDT
These are the people complaining about the government taxing them for health care. It's funny how they think it is the government's duty to save them when they fall apart but they have no concern about the little man. Reply
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radnip
Jul 30, 09 9:42 PM CDT
Unfortunately lots of "the little man" agree with this guy. Oh, if you ask those particular little men a direct question, of course, the response would be that those wealthy traders, bankers, investors are the scum of the earth. However, when you go more general and talk about taxing, say the person making 100 million or the person who has 1 billion tucked away in a Swiss bank account, you'll likely hear "no new taxes', as if the scum of the earth isn't something society is equipped to deal with. If you then point out that the richest country in the world has some of the worst healthcare of the developed nations, you'll again likely hear "no new taxes!" Ok, this last will probably be said in a different way, probably "We cannot afford it!" That's keeping in mind we're the richest country in the world and we cannot afford it but the non-richest-countries in the world can. I'm not sure how these members of "the little man" group reconcile these contradictions but somehow they do and they vote that way. Ergo...we're a bit of a messed up and rather selfish country.
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nick
Jul 25, 09 2:28 PM CDT
These people are the scum of the earth. I say go ahead and pay him his hundred million dollars, and pay all the AIG and other Wall Street self-centered money-mavericks their outrages bonuses, but be sure to tax them 80%. And, by the way, deduct the 80% first, because their asses can't be trusted to pay their taxes. Reply
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Fondue
Jul 25, 09 8:50 PM CDT
Exactly. And remember next time these types are not worth the paper their contract is written on.
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Deebles
Jul 25, 09 2:33 PM CDT
The original Big Swinging Dicks. Nice to know they made it from the eighties to invent the first mortgage backed security. When the WSJ uses the words shadowy, secret and secretive you have to infer what they really mean. The word is Saloman. Or you could read Liar's Poker. Reply
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