In the latest issue of Crain’s Aaron Elstein examines the massive package of Mario Gabelli. Last year’s paycheck ($46 million) was bigger than that of Lloyd Blankfein and John Mack combined and more than twice the size of Larry Fink’s take-home. We’d advise you to not even entertain the thought of making comparisons, though, which Big G says are baseless crap (or bringing up the fact that the firm only took in $25 million in 2009). Plus, he’s got an explanation for it all that will just make you look like an idiot and him look like a guy on ‘roids.
Mr. Gabelli makes no apologies. The Bronx native says comparing his pay to Mr. Fink’s is “bull,” because while other CEOs dedicate their time to strategic and administrative matters, Mr. Gabelli still gets his hands dirty researching stocks and wooing clients to the firm he started in 1977.“If A-Rod was managing the Yankees, he’d get $2 million a year,” Mr. Gabelli argues. “But he’s a player, so he gets more.”
He adds that 98% of shareholder votes were cast in approval when his compensation package was last voted on two years ago. What Mr. Gabelli doesn’t say is the outcome was never in doubt: He controls 95% of his company’s voting stock.
Other things you should consider not bringing up are pay cuts some of Gabs’ staff was forced to take, or the layoffs wherein a gaggle of Gamco-ers apparently only got two weeks severance. Probably safe to mention (like in an interview or something) is son (and employee) Matt, who’s been seeing a stripper from Beamers, Stamford’s premier topless bar, and recently escorted her to his brother’s wedding. Could be a source of fatherly pride or some such. I don’t know, I’m just trying to get you a little career advancement.
Posted by guest , Jun 22, 2009 2:13PM
What a scumbag
Posted by guest , Jun 22, 2009 2:14PM
because he's worth it!
Posted by guest , Jun 22, 2009 2:14PM
The guy runs a sweatshop...the folks who end up there typically run away as soon as they get a chance...
Posted by guest , Jun 22, 2009 2:17PM
Beamer's has never showed me a bad time.
--SC
Posted by guest , Jun 22, 2009 2:18PM
Is he a coked up Mexican Cocaine Shark?
Posted by guest , Jun 22, 2009 2:19PM
If he is A-Rod, then who is his Jeter?
Posted by guest , Jun 22, 2009 2:19PM
the stripper also moonlights as a trader at SAC
Posted by guest , Jun 22, 2009 2:21PM
Is this him admitting he has small balls and bitch tits?
Posted by guest , Jun 22, 2009 2:22PM
@6- stevie?
Posted by guest , Jun 22, 2009 2:22PM
It puts the beef bus in the tuna bucket or else it gets the hose again.
Posted by guest , Jun 22, 2009 2:24PM
Gabelli Global Interactive Couch Potato Fund.
'nuff said
Posted by guest , Jun 22, 2009 2:26PM
I see. Analysts, because they get their hands dirty, should be paid better than CIO's, CEO's, who simply "strategize". I'm going to tell my boss about this.
Posted by guest , Jun 22, 2009 2:28PM
Gabelli sounds like a kind of pasta that Gaspagoul would enjoy.
Posted by guest , Jun 22, 2009 2:29PM
Raises for all! Down with management!!! Si Se Puede!!
Posted by guest , Jun 22, 2009 2:34PM
Why are his lips purple? Is it from kissing too much blanus?
Posted by guest , Jun 22, 2009 2:39PM
I always loved watching Mario cruising the Columbia undergrads at The West End. Keep it classy Mario!
Posted by guest , Jun 22, 2009 2:41PM
I always loved watching Mario cruising the Columbia undergrads at The West End. Keep it classy Mario!
Posted by guest , Jun 22, 2009 2:41PM
considering his rumored fondness for insider trading, this guy's comparison to a-roid is apt
Posted by guest , Jun 22, 2009 2:43PM
Agree with previous post comments, this must be the DB mascot.
http://deadspin.com/5299545/the-trials-of-willie-the-inflatable-dry+humping-shark
Posted by guest , Jun 22, 2009 2:44PM
sounds like his son is his jeter
Posted by guest , Jun 22, 2009 2:44PM
@10 Classic!
Posted by Anal_yst , Jun 22, 2009 2:47PM
wow where is GanAlYst with that pic?
Posted by guest , Jun 22, 2009 2:49PM
you think they'll offer the stripper a job at Gamco?
Posted by guest , Jun 22, 2009 2:53PM
@10 - ftw
Posted by guest , Jun 22, 2009 3:00PM
@18: Considering that he paid the FCC $130 mil to neither 'admit nor deny' that he used his yoga instructor and his vaca home caretaker to front as"minority and women"-owned businesses to get wireless licenses that he then flipped - I'd say "rumored" is being too gentle.
http://www.lawyersandsettlements.com/settlements/05890/mario_gabelli_fraud.html
Posted by guest , Jun 22, 2009 3:03PM
Matt Gabelli sounds like my kinda guy.
-Eliot Spitzer
Posted by guest , Jun 22, 2009 3:11PM
FUCK Y'ALL I'M A PLAYAH!
Posted by guest , Jun 22, 2009 4:06PM
Larry Haverty is his jeter
Posted by guest , Jun 22, 2009 7:29PM
My only question is what does $46 million have to do with size of his package???
runnerrunner
Posted by guest , Jun 22, 2009 8:44PM
He IS the A Rod of Investing.
In love with himself
Over paid
Horrible in the Clutch
Posted by guest , Jun 24, 2009 3:32PM
You guys sound like bunch of losers!while Mario is making money you sitting in front of computer writting shit about him and his family to make youself feel good. ITs Sad! If you guys have so much to say what dont you creat something for youself, like work as paparazzi because you will be good at, at least you will get paid! I grow up with Marios Kids they all intellegent, classy and good people... Theres not way Matt was with a Stripper. You HATTIINNGGG because they are good looking, smart and rich and you know deam well you guys wish you were THEM every day that you wake up!....... now go do something with yourself and stop hidding behind the computer....
Posted by guest , Jun 25, 2009 7:03PM
I grow up with Marios Kids they all intellegent, classy and good people.
are you on the payroll? Otherwise you cannot writ this without cringing.
The oldest is in hiding in Switzerland after practically ruining the firm with hedge fund/mutual fund trading discrepancies and SEC censures
Matt is basically out of the investment business and losing money hand over fist in a restaurant venture while he snorts his end of the inheritance up his nose.
the third boy is a degenerate who bought his way out of a rape conviction in college and basically travels around the world causing trouble and when he is in the states cheats on his wife with several junior staff.
the girl is the only normal one and she wants nothing to do with the father. As do the boys but they know where their bread is buttered so they bite their toungues.
If you know the family so well care to discuss the Marc/Matt relationship? LMAO talk about disfunctional.
Posted by guest , Jun 25, 2009 10:50PM
The comment about the "true" nature of his sons is dead accurate. I didn't grow up with these degenerates...I worked with them.
MJG decided to hire a Bear Stearns vet to be his CFO and business development person. This clown cuts expenses to justify his own outrageous salary...meanwhile his margins are worsening because of what he had to pay the dumbass from the Bear.
The people who have been there for years stay because they will never make the kind of $$$ they make to put up with his abuse.
It is his own company, so he can do what he wants. Those of us who worked there know how awful of a human being he is.
Posted by guest , Jun 26, 2009 6:54PM
GREAT SUMMARY # 32
I'll add that Mario keeps funding the restaurant's losses to keep close tabs on his son BUT keep him OFF the trading desk at the firm where he loses multiples more.
There use to be a bunch of negative comments on the restaurant (and Matt's management style specifically) on some restaurant employee web site but they mysteriously disappeared.
Posted by Private , Jul 07, 2009 2:46PM
Go FORDHAM!
Posted by guest , Jul 08, 2009 11:13AM
Rumor has it that some of his most recent hires (including the $3 million dollar man) have fallen out of favor with the King. Half day absences too.
Posted by guest , Jul 10, 2009 12:13PM
not surprising.
He is more fickle than a high school cheerleader.
the CFO from Bear signed on for only a year and change so his time is about up.
Posted by guest , Jul 10, 2009 2:09PM
Go Columbia!
Posted by guest , Jul 21, 2009 11:28PM
http://media.www.bcheights.com/media/storage/paper144/news/2000/04/11/News/Globe.Discloses.Allegations-1827.shtml
http://www.businessinsider.com/2009/1/john-gabellis-manhattan-partners-another-madoff-victim
Posted by guest , Jul 21, 2009 11:35PM
@39 thanks for those 3 and 6 month old stories, champ.
Posted by guest , Jul 25, 2009 12:07AM
Is it debatable that he pays himself this much all while letting people go...of course! But talk about the issues.
But what I see is a bunch of bitter, jealous people hiding behing a computer tossing around personal insults. If you don't like his pay than quit...if you don't like his pay don't buy his funds. But until than and until YOU start a multi-billion dollar company and generate all the ideas than you can make his money. I see a bunch of bitter no talent hacks blogging about someone else's pay...
Posted by guest , Jul 27, 2009 12:14AM
I'd suspect that most of the people commenting here ARE former employees who HAVE quit and NO LONGER own his funds.
The problem with GBL is that MJG truly THINKS all ideas are generated by him and that he alone could have created a multi billion dollar asset management organization.
In fact, there have been many talented people that came through GBL. There are still many talented people there. That lackeys like you think the firm is essentially a one man show with 200 or so hangers on is part of the problem. OF course you are probably one of the true hangers on who is paid by him to make these comments.
Posted by guest , Jul 27, 2009 9:06AM
42 = mario gabelli
Posted by guest , Jul 27, 2009 10:06AM
#41 is definitely a lackey.
I can tell by the incorrect use of the word "than"
#43 - mario doesnt read the internet. He has lackeys like #41 print it out for him.
Posted by guest , Jul 30, 2009 11:42PM
# 42
I find your agruement interesting please elaborate regarding all the talent there that is at Mario's level. If he quits tomorrow which one of these talented people you speak of will step in and do the job at the level he does? Not too say there are not intelligent people working for him, I am sure there are many but at that level, I think not. Still does that mean he should make more $ than ceo's running bigger places, I'll agree with you on that point.
If you really feel that way though why don't you let the guy know?
Posted by guest , Jul 30, 2009 11:47PM
Tell you who wasn't "downsized" or let go, anyone related or connected to him no matter how inept they are.
Posted by guest , Jul 31, 2009 12:54PM
no one is contending that there is a legion of staff with over 40 years investment experience managing money.
Although they have a number of portfolio managers with significant experience (H.Ward, Larry Haverty, Barbara Marcin, Caesar Bryan, Beth Lilly) the point being made is that without the assistance of SIGNIFICANT support staff there is NO WAY the firm would be where it is(was) today(recently).
There are also over 30 analysts who cover stocks, filter ideas and do the "grunt work" .
Not to mention the relationship and "back office" people who toil along and keep the train rolling.
If you've spent any time at GBL you know the only way to "let the guy know" is to use your feet and walk. He respects people who leave infinitely more than those who stay.
Which says something about the man who pays himself nearly 50% of operating income yet cuts expenses and fires people.
Posted by guest , Oct 26, 2009 9:43PM
I don't know about you but A-Rod just won the series for the yankees.