Wall St. blasted for paying execs to work for Uncle Sam

USA TODAY: Wall Street’s practice of rewarding executives who quit to work for the government is coming under scrutiny.

In the coming months, four Wall Street banks — Goldman Sachs, Citigroup, Morgan Stanley and JPMorgan — will face shareholder votes on proposals demanding more information about the practice, which the proposal’s sponsor has dubbed “government service golden parachutes.”

“While entering government service is a laudable career choice, we question why shareholders should subsidize the second career choices of executives,” union group AFL-CIO, the proposal sponsor, said in a letter Tuesday to shareholders… (more)

EDITOR: Perhaps the firms or altruistic, in which case they deserve praise by the public if not the stockholders. On the other hand, it may be they think it is a good investment having their colleagues working in high position of government.