Citigroup Inc. (NYSE: CIT) may sell its control in Phibro LLC, its energy trading business, according to reports from Bloomberg on Friday.
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Phibro has been at the center of a controversy after it was reported that the company’s chief executive Andrew Hall was going to get paid a $100 million bonus by Citigroup despite receiving $45 billion in bailout money.
Billionaire investor Warren Buffett held talks with Citigroup about buying the business, and those negotiations have now ended, according to the person, who declined to be identified because the discussions are private.
Citigroup is considering converting Phibro into a limited partnership, among other options, including turning the company over to Hall. However, no decisions have been made yet.
The bank has until next week to submit a list of its 25 highest-paid executives to Kenneth R. Feinberg, the Obama administration’s special master on executive pay.
Feinberg has at least 60 days after receiving Citigroup’s pay report to determine if the amounts are excessive, he said in an interview with Bloomberg. The Obama administration appointed Feinberg its “pay czar” to decide whether the compensation for the 25 highest-paid executives at seven of the biggest
Feinberg said Citigroup must submit pay figures by Aug. 13.
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