Posts Tagged ‘Executive contracts’

Banks add “pay czar clause” to contracts

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Published in Reuters August 28, 2009 by Steve Eder

Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) and AIG (AIG.N: Quote, Profile, Research, Stock Buzz) are forging new employment contracts that let them void compensation agreements if they are challenged by the U.S. government, according to a person familiar with some recent contracts.

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