Barney Frank: Retention bonuses are extortion

By David Edwards
Monday, March 23, 2009 7:23 EDT
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Rep. Barney Frank told CBS’ Harry Smith that retention bonuses were being demanded by Wall Street executives as bribes to keep them from leaving their jobs. “Retention bonuses are to a great extent extortion. It is people saying as you suggested in the question, Harry, ‘I’ve got the combination to the safe. If you don’t bribe me I’m going to leave and you’ll never be able to open the safe.’ I think it is wrong,” said Frank.

This video is from CBS’ Face the Nation, broadcast Mar. 22, 2009.

Download video via RawReplay.com

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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