Citi Boss Michael Klein Paid $29 Million Not To Work For Someone Else

Citigroup is a marvelous company to work for (C).  When you quit, they’ll pay you tens of millions of dollars not to go work for someone else!

(Great to see our TARP money being put to such good use).

NYT: [Michael] Klein, who headed Citigroup’s investment banking operations, was given a retention package in cash and stock worth $19.3 million [in March 2008]. Even though he announced his departure a few months later, the board nonetheless paid him his full $5.5 million cash bonus in connection with that award.

That was on top of nearly $28.8 million in two other cash payouts — one due on March 31, the other in October — for agreeing not to work for several Citigroup rivals.