Thursday, Oct 08th

Last update03:21:49 AM GMT

You are here News Politics Obama Admin's TPP Trade Officials Received Hefty Bonuses from Big Banks

Obama Admin's TPP Trade Officials Received Hefty Bonuses from Big Banks

E-mail Print PDF

Stefan SeligOfficials tapped by the Obama administration to lead the Trans-Pacific Partnership trade negotiations have received multimillion dollar bonuses from CitiGroup and Bank of America, financial disclosures obtained by Republic Report show.

Stefan Selig, a Bank of America investment banker nominated to become the Under Secretary for International Trade at the Department of Commerce, received more than $9 million in bonus pay as he was nominated to join the administration in November. The bonus pay came in addition to the $5.1 million in incentive pay awarded to Selig last year.

Michael Froman, the current U.S. Trade Representative, received over $4 million as part of multiple exit payments when he left CitiGroup to join the Obama administration. Froman told Senate Finance Committee members last summer that he donated approximately 75 percent of the $2.25 million bonus he received for his work in 2008 to charity.

CitiGroup also gave Froman a $2 million payment in connection to his holdings in two investment funds, which was awarded “in recognition of [Froman's] service to Citi in various capacities since 1999.”


Most Recent Related Stories...

Clinton opposes Pacific trade deal in major break with Obama

ClintonHillary Rodham Clinton declared her opposition to the Trans-Pacific Partnership trade accord on Wednesday, marking her...

Carly Fiorina’s Mystery Foundation

Carly FiorinaThe Fiorina Foundation is run by an organization that has distributed funds to Planned Parenthood. Oh,...

Video boosted by Carly Fiorina looks like miscarriage not abortion – experts

Carly Fiorina video lieThe Guardian is not publishing the videos in question, or any direct links to them, but...

The Shady Group That Played Pope Francis

Shady group that played Pope FrancisThe pontiff found his reformer image tarnished when it was announced he met with Kim Davis....
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!