The GAMCO founder was yukking it up with the Squawk Box crew this morning, talkin’ bargains and opportunities. Other reasons the Gabster’s smiling? Last year’s compensation totaling just under $46 million, “despite the firm only making about 25 mill,” according to our MarGab watcher.
For 2008, the Chairman and CEO received compensation in the form of a management fee of $2,426,000 for managing the Company down from $13,011,000 in 2007 and $11,986,000 in 2006. The total management fee was approximately $4,086,000, $14,463,000, and $13,236,000 for the years ended December 31, 2008, 2007 and 2006, respectively. For 2008, 2007 and 2006, the Chairman allocated approximately $1,660,000, $1,452,000 and $1,250,000, respectively, of his compensation to other executive officers of the Company, for activities and support of the Company. In addition, he earned $14,414,000, $19,391,000 and $14,763,000, respectively, for acting as portfolio manager and/or attracting and providing client service to a large number of GAMCO’s Institutional and Private Wealth Management; $20,523,000, $20,501,000, and $18,112,000, respectively; for creating and acting as portfolio manager of several open-end funds; $8,501,000, $16,723,000, and $9,997,000, respectively, for creating and acting as portfolio manager of the closed-end Funds; the Chairman also earned $65,000, $784,000, and $1,777,000, respectively, for providing other services, including acting as portfolio and relationship manager of investment partnerships for the years ended December 31, 2008, 2007, and 2006, which have been included in compensation costs, of which $1,649,000 and $1,307,000 was payable at December 31, 2008 and 2007, respectively. We expect that based on the recent equity dynamics, these amounts will be materially lower in 2009.
So – plenty of money to keep paying off those SEC and FCC fines/settlements without “admitting or denying” anything.
He laid off 12 people a couple of weeks ago. One woman there 20 years, the others there a few years.
The 20-year veteran got 6 weeks’ severance. The 11 others got 2 weeks. Yes, that is right TWO WEEKS.
From Mr. $50 mil-a-year.
Asshole.
How much Ashley Dupre collect as a relationship manager for the gremlin boy?
What do you expect?
He’s a WASP-wanabe guido without the patrimony.
Gabelli talks the talk. End of story.
Every time I ever saw that clown Mario on TV, I thought “what an arrogant asshole of a thief”.
Looks like TGFD has been right about him all along. I generally can’t take more than a minute or two of his bullshit pompous splendor.
The Guy from Delaware
p.s. Guest@#2…Good post.
Spalding and I are regular pals….
@6: #2 here. If you saw the people he was laying off – really junior people, whose being there or not would not affect the bottom line – you’d be nauseous too.
Check the proxy and see how much he pays his kids… you know, the ones who show up a couple times a week, if the one is not at Beemer’s or drunk, and the other can be bothered to come in 3 days…. last I saw it was 7 figures for each of the less-than-smart nudniks.
Oh, and check out his son who was in trouble for date rape at B.C. They paid a LOT LOT LOT of money to make that go away. Bad people.
On one hand, the guy owns 80% of the Company; so technically, he can pay himself whatever he wants.
On the other, he uses the Public Company status to legitimize cutting costs and laying off staff. You know, to create shareholder value… for him
Guest@#8/#2…
TGFD doesn’t have to know a whole lot about Mario in order to determine that he’s no f’n good.
The Guy from Delaware
@10 Why do you talk about yourself in the 3rd person?
@11 – I’ve been wondering that myself. Last summer/fall, TGFD did not talk that way. These posts just don’t sound the same.Perhaps an imposter?
The Other Guy from Delaware
That slobbering WOP always bothered me when I watched him on Squawk. He was always the one interrupting someone else or talking over them.
Check out GAMCO’s genius handling of their investment in Young Broadcasting. Dipsh#t calls more bottoms than BOBblehead Doll or the Hedgehog.
I agree with all those who posted negative comments on this man.
But what about us shareholders? He doesn’t give a damn about us – feels like he owns the firm, tells you to get lost if you don’t agree with him.
This “WASP-wannabe guido” and “WOP” is the son of Italian immigrants, who grew up in the South Bronx, and built a fortune from nothing.
If you don’t like what he pays himself don’t invest with him. If you don’t like how he treats his employees don’t work for him.
Perhaps God rewards “good guys”. But American rewards capitalism. And successful entrepreneurs like Mario create jobs, even if he fires 12 employees who were probably dead weight.
Perhaps we should direct our criticism at the financial professionals creating ponzi schemes and committing fraud.
Either way MJG is laughing all the way to the bank.