No More Bonuses--Just Call them Retention Awards
Feb 18, 2009
With the public outcry over fat-cat executives getting paid millions of dollars for running their companies into the ground, it is now official. Any company expecting a bailout will have to cap the salaries at $500,000/year, and stop those bonuses.
But for every law, there is a boulevard around it.
Citigroup has decided to give out "retention awards," rather than bonuses. Another example of Newspeak, as George Orwell would call it. The use of euphemisms in America boggles the mind. Change the term, but keep all the old corrupt practices. I wonder which Public Relations company thought up "retention awards" to replace the old term, "Bonus"??
An Executive's phone conversation was taped and revealed to the public. See "Your Bonuses Are Safe". This video is only a few minutes long: