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Careful Mr. Rubin, Clawbacks Could Be Coming
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Ratigan is among an increasing number of Wall Street watchers who are calling for clawbacks. What’s a clawback? Investopedia defines clawbacks as previously given monies that are taken back due to specially arising circumstances..
The latest person to hop on the clawbacks bandwagon is Sen. Charles Schumer. Last night on Fast Money he told us, “I think there’s a real thirst to deal with this issue.. and the people who made high salaries when their business was a house of cards, should pay a price when the business is doing poorly."
On Friday's Fast Money Dylan Ratigan and Jon Najarian made a case that Robert Rubin, the former Treasury Secretary, who resigned from Citigroup should return at least some of his compensation.
On Rubin's Watch - Gov't Aide Toward Citi
*$25 Bln During Industry Bailout
*$20 Bln For Citi Alone
*Backing $306 Bln in Citi Assets
*Expanded FDIC Insurance
As you probably know, Dylan has expressed outrage on this issue for quite sometime. He specifically takes issue with bank CEOs who decided what the risk parameters would be for their firms.
Unscrambling the eggs of the past six or seven years is very difficult to do, comments Karen Finerman. But she's intrigued.
Tim Seymour sees it a little differently. He tells Dylan Ratigan you can’t take money back from these guys until they’re found guilty. That set Ratigan off!
Want to see our entire heated discussion on this issue? Watch the video now! The discussion really heats up around 11:30
What do you think? Tell us now!
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Trader disclosure: On Jan 9, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (CSCO), (DNA); Najarian Owns (XME) Calls, (NVLS) Calls, (NVDA) Calls; Najarian Owns (EEM) Long Call Spread ;Najarian Owns (ERTS) Long Call Spread; Karabell Owns (AAPL), (CL), (DRYS), (GOOG), (JPM), (NOK); Seymour Owns (AAPL), (BAC), (EEM), (F), (TSO); Seymour's Firm Owns (PBR); Finerman's Firm Owns (DSX), (MSFT), (DNA); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (ANF), (AEO), (BBT); Finerman's Firm Is Long (MSFT) Put Spreads
Data is a real-time snapshot *Data is delayed at least 15 minutes
