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Elizabeth Warren slams Citi: They 'just don't seem to get it'
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06/24/09 08:35 AM ET
The chairwoman of Congress's bailout oversight board slammed big bank Citigroup on Wednesday for raising salaries at a hefty clip while receiving government funds.
"I just have to say: These guys just don't seem to get it," said Elizabeth Warren, the head of the congressional oversight board for the Troubled Asset Relief Program (TARP), during an appearance on Bloomberg News.
Citi announced today that it would increase base salaries for many of its employees as a way to attract top talent. According to the AP, some Citi employees may see their salaries increased by as much as 50 percent.
"They're taking taxpayer dollars in order to keep this business alive, and yet they think that, when Americans are out of work, when people are struggling, when this comes out of taxpayers' pockets, that they can double their salaries?" Warren incredulously asked.
Warren has been an aggressive advocate of curtailing compensation for employees of companies receiving financial assistance from the government -- an idea the Obama administration partially endorsed when it announced new rules for compensation structuring and bonuses for executives at firms on federal support.
"This is more about: Does anyone really understand what's going on here?" Warren added.
Warren appeared before the House Financial Services Committee this morning to discuss financial regulation reform and enhancing consumer protections.
Update, 2:06 p.m.: Senate Banking Committee Chairman Chris Dodd echoed Warren's language in a short statement about the salaries on Wednesday afternoon.
"They just don't get it," Dodd said.
"I just have to say: These guys just don't seem to get it," said Elizabeth Warren, the head of the congressional oversight board for the Troubled Asset Relief Program (TARP), during an appearance on Bloomberg News.
Citi announced today that it would increase base salaries for many of its employees as a way to attract top talent. According to the AP, some Citi employees may see their salaries increased by as much as 50 percent.
"They're taking taxpayer dollars in order to keep this business alive, and yet they think that, when Americans are out of work, when people are struggling, when this comes out of taxpayers' pockets, that they can double their salaries?" Warren incredulously asked.
Warren has been an aggressive advocate of curtailing compensation for employees of companies receiving financial assistance from the government -- an idea the Obama administration partially endorsed when it announced new rules for compensation structuring and bonuses for executives at firms on federal support.
"This is more about: Does anyone really understand what's going on here?" Warren added.
Warren appeared before the House Financial Services Committee this morning to discuss financial regulation reform and enhancing consumer protections.
Update, 2:06 p.m.: Senate Banking Committee Chairman Chris Dodd echoed Warren's language in a short statement about the salaries on Wednesday afternoon.
"They just don't get it," Dodd said.
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