Andrew J. Hall - art collector, German castle owner and energy-investment guru - is emerging as the latest villain in the public outrage over bailout bonuses.
Hall heads Phibro LLC, the energy-investment arm of Citigroup. As The Wall Street Journal noted last week, Philbro’s profits frequently contribute disproportionately to Citi’s bottom line.
Hall also has profited handsomely, and is in line to receive a pay package that could reach nine figures.
Problem is, Citigroup has received $45 billion in federal bailout money, and those who are outraged over bonus payments at other bailed-out companies are likely to take umbrage at a big payment to Hall.
As The New York Times asks, “How do you hand $100 million to a guy who may have profited because gas hit $4 a gallon?”
Last week, the New York State attorney general’s office reported that nearly 5,000 bankers and traders received bonuses of $1 million or more last year.
For many, corporate largesse will now come under government supervision. Hall’s contract is one of those set for review by Kenneth Feinberg, who is overseeing executive compensation for the Treasury Department.
Meanwhile, according to the Times, Hall is quietly lobbying for separation from Citi, to remove the company from the political spotlight.
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