Citigroup, Inc.’s (C) Executives’ Names Kept Secret To Avoid Harassment

Bloomberg reports that in response to requests under the Freedom of Information Act, the Treasury Department has refused to disclose the names of the executives of Citigroup, Inc.(NYSE: C), who had bargained about the bailout terms in late 2008. This was necessitated as the bank had expressed its apprehension of being harassed as the executives of American International Group, Inc. (NYSE: AIG) were for taking huge bonuses.

Citigroup personnel head, Paul McKinnon, had written in a affidavit that “Public disclosure of these names and personal contact information could lead to episodes of harassment or other disturbances in these individuals’ personal lives,” he added that the disclosures “would not shed any additional light on government activities” and included private discussions with the government over executive pay limits. He also objected to the release of most of the contents of the documents stating that this would hamper the bank’s ability to compete with its peers. He went on to write that “If this information were to find its way into the hands of Citigroup’s competitors, which I presume would occur if these documents were disclosed to a FOIA requester, those competitors would gain valuable insights into Citigroup’s strategies.”

Charles Davis, a journalism professor in the University of Missouri and the Executive Director of the National Freedom of Information Coalition, which advocates open government, says, “The government is being too conservative in balancing the executive’s right to privacy against the need for a full examination of the Treasury’s decision to provide a bailout” He added that “They have been the requesters and recipients of an amazing amount of government largesse, and as a result their names should be a matter of public record.”

After the bailout money of $25 billion was converted into 7.7 billion common shares last year, Citigroup became 27% owned by the Treasury. The bank repaid $20 billion of the money in December and also terminated $301 billion of asset guarantees.