Americans have devoted $351 billion of their hard-earned tax dollars to bailing out Citigroup (C). No doubt if you hold a credit card with Citi and are paying 30 percent interest rates on your balance, you must be glad that Citi is still around to collect that interest. If you're like me and hold Citi stock, you've watched most of the value of that investment evaporate as Citi lost $28 billion in 2008.
But Citi does not exist for its customers or its stockholders. Your $351 billion -- split between $45 billion in TARP money being converted into common shares which dilutes current holders, plus $306 billion in loan loss guarantees -- has been given to Citi because it has a few dozen employees who need eight figure bonuses.
And one of those is going for a nine figure bonus -- $100 million. The name of the lucky fellow? Andrew Hall, the director of Citigroup's energy-trading division, Phibro LLC. As you pay more money at the gas pump, Hall is "earning" his $100 million bonus.