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Citigroup said Occidental Petroleum would buy the unit led by trader Andrew Hall who made $98 million in bonuses despite the Citigroup's $45 billion taxpayer funded bailout package, The New York Times reported Friday.
Citigroup, along with other firms that received extraordinary assistance, is required to submit its pay policies to a Treasury review. Hall's salary -- along with the top 25 salaries at Citigroup -- was submitted to a compensation review in August, the Times said.
In a statement, Citigroup said "certain executives" at Phibro had agreed to invest their 2009 compensation in the firm.
The terms of the sale were not disclosed other than a statement saying Occidental would buy Phibro for "approximately net asset value," and invest $250 million in the energy brokerage.
On the pay issue, Occidental said, "significant portions of current and future bonuses will be deferred and retained by Phibro and paid out in future years. These future payouts will be adjusted to reflect Phibro's results during that period."
www.upi.com
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