More Sky-High Bonuses for Bankers
By Stephanie Wilson
This just in from the Citigroup camp: Director Roberto Hernandez Ramirez will continue to be reimbursed for use of his private aircraft even after he steps down from the company’s board in April. Ramirez will remain non-executive chairman of Citigroup subsidiary Banco Nacional de Mexico, which will allow him to continue to utalize the company’s funds for cross-country jaunts. Bloomberg reports that his benefits also include an office and secretary and personal security and cost $2.61 million in 2007.
This would be almost non-newsworthy if it wasn’t for Citigroup’s recent spoiled attempts to purchase a $50 million jet for its fleet after receiving a substantial bailout from the federal government. President Obama and team swiftly put their foot down when news of the aircraft’s pending delivery hit the news circuit.
Bloomberg reports: The bank said in the March regulatory filing that it “provided certain security services to Roberto Hernandez and members of his immediate family as well as office, secretarial and related services, and airplane and helicopter usage.”
Hanretta said Hernandez travels on his own plane and gets reimbursed for business trips taken in his capacity as Banamex chairman. Like other Citigroup directors, he is reimbursed at a commercial rate when he travels for board business. He doesn’t get reimbursed for personal travel, Hanretta said.
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