More news on the business ethics front: Some Wall Street firms receiving billions of dollars in taxpayer bailout funds are finding creative ways to get around
“„In response to expected bonus restrictions, officials at CitigroupInc., Morgan Stanleyand other financial institutions that got government aid are discussing increasing base salaries for some executives and other top-producing employees, people familiar with the situation said.
“„The crackdown, part of the economic-stimulus package passed by Congress and signed into law by President Obama last month, limits bonus pay for the top five executives of any recipient of taxpayer capital through the Troubled Asset Relief Program, plus the 20 next-highest-compensated employees.
“„The discussions are at an early stage, partly because the government hasn’t yet issued specific rules on the bonus payments that will be allowed at companies that received TARP aid. The talks also are proceeding cautiously because of the political volatility of pay, bonuses and perks on Wall Street, including outrage over American International GroupInc.’s promise to pay $450 million in bonuses to employees in the insurer’s financial-products unit.