Why is Citibank paying "retention" bonuses?

Citibank has petitioned the government for permission to pay "retention" bonuses. These payments will help the bank hold onto important senior managers. The bank needs permission from the government because taxpayer dollars (which is all the government has to offer anyone at any time - and don't ever forget this) are being used to sustain it in business.

Does this make any sense? Citibank is a failed business. If not for government (taxpayer) money, the bank would be bankrupt. The people who would get these bonuses ran the business that needed rescuing. Why would you pay a bonus to retain them?

I don't think this is an oversimplification. It's simple common sense. Get people who will run the bank so that it makes a profit. The people you've got now didn't do that.

I've known many people who've been let go by businesses because the business had bad results. I'm sure you do too. Because of the bad results, people are let go - often through no fault of their own.

This bank, and others, have had horrendous results. They've been laying off thousands of people because of that. Now the people responsible for those bad results are going to get bonuses? What am I missing?

Is it possible that there's no one out there who can be hired to help turn the bank around, who can improve their results? No one?

And even if there is no one out there, we're in a recession. If these people don't get a bonus, are they going to quit? And go where?

These bonuses make no sense. The government should not let Citibank pay retention bonuses.