Barney Frank: Retention bonuses are extortion
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.