Banks Pay Millions to TPP Organizers
From Ring of Fire:
Newly-released documents show that Bank of America and CitiGroup awarded millions of dollars to Wall Street executives enlisted to organize the Trans-Pacific Partnership (TPP). These Wall Street executives were hand-picked by the Obama Administration to help guide the development negotiations regarding the TPP.
The Obama Administration elected Bank of America investment banker Stefan Selig as Under Secretary for International Trade at the Department of Commerce. Upon Selig’s appointment last November, Bank of America awarded a $9 million bonus to Selig, which came in addition to $5.1 million in incentive pay.
CitiGroup paid Michael Froman, the U.S. Trade Representative, $4 million, which he will receive in the form of paid installments. He left CitiGroup to work for the Obama Administration in 2009. Despite these men leaving their respective former jobs, they are essentially still on the payroll, meaning they serve the interests of the banks paying them.
You can read the full article here at Ring of Fire.
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