Bailed Out Firm Gave Kitchen Assistant Retention Bonus!
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According to the newspaper, even a kitchen assistant bagged a $7,700 retention!
The report, compiled by Neil Barofsky, special inspector general at the US Treasury for TARP borrowings, is also thought likely to reveal that some AIG executives have so far refused to return some, or all, of the controversial payments (following the outcry over the bonuses, AIG asked executives and employees to consider giving back the payouts).
In the meantime, The Wall Street Journal reports that US pay czar Kenneth Feinberg has the authority to reduce the retention awards, or to even cut the salary of employees who refused to give back the money.
The Journal also reports that major US banks and securities firms are on track to bag a record $140bn in compensation this year, with most pay pots up some 20% on 2008.
Finally, Bloomberg reports that its not just Wall Street professionals who have their snouts in the trough. The news agency points out that, according to financial disclosure forms, some of US Treasury Secretary Tim Geithner's closest (non confirmed) aides earned 'millions of dollars a year' from Wall Street firms (some from the lecture circuit). Bloomberg quotes Bill Brown, a visiting professor at Duke University, who said: 'These people are incredibly smart. They're incredibly talented and they bring knowledge. The risk (though) is they will further exacerbate the problem of our regulators identifying with Wall Street'.
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