Well, not necessarily if you check out the fine print…remember, the “special master” Kenneth Feinberg, oversees compensation for companies receiving the most government support, and Citigroup is one of those.

He can reject pay plans he deems excessive and review compensation for the top 100 salaried employees at these firms.

So, you won’t see the top 100 highest paid employees at Citi being a part of the bank’s revised compensation package. This move to increase compensation for other Citigroup employees is obviously being taken to avoid losing workers to competitors…those that have already paid back the TARP funds or never received government assistance; and Citigroup has seen some defections in the past months.

Our finance recruiters are working with several of these firms who are offering lucrative deals to entice employees away from the banks, so whether or not the salary increases by Citigroup will pay off remains to be seen…

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Well, why should I be surprised? Have heard and seen it all now.

On Friday, June 5, Reuters’ Bangalore reporter Ajay Kamalakaran, reported that the FDIC was looking to replace Citigroup’s CEO Pandit with former U.S. Bancorp Chief Exec Grundhofer, who recently joined Citigroup’s board.

Reason being, of course that the FDIC was concerned about lack of senior executive experience in commercial banking at Citi. It’s just confirmation, that as feared by those wirehouses holding TARP monies, more government regulation.

Obviously this is just the beginning as we see today with the pending legislation to allow the SEC to restrict compensation at companies receiving TARP dollars.

So there you have it….the regulators are going to “name ‘em and pay ‘em!”

No wonder they scramble to repay TARP funds!!

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