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.
because he’s worth it!
The guy runs a sweatshop…the folks who end up there typically run away as soon as they get a chance…
Beamer’s has never showed me a bad time.
–SC
Is he a coked up Mexican Cocaine Shark?
If he is A-Rod, then who is his Jeter?
the stripper also moonlights as a trader at SAC
Is this him admitting he has small balls and bitch tits?
@6- stevie?
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.
Gabelli sounds like a kind of pasta that Gaspagoul would enjoy.
Raises for all! Down with management!!! Si Se Puede!!
Why are his lips purple? Is it from kissing too much blanus?
I always loved watching Mario cruising the Columbia undergrads at The West End. Keep it classy Mario!
I always loved watching Mario cruising the Columbia undergrads at The West End. Keep it classy Mario!
considering his rumored fondness for insider trading, this guy’s comparison to a-roid is apt
Agree with previous post comments, this must be the DB mascot.
http://deadspin.com/5299545/the-trials-of-willie-the-inflatable-dry+humping-shark
sounds like his son is his jeter
@10 Classic!
wow where is GanAlYst with that pic?
you think they’ll offer the stripper a job at Gamco?
@10 – ftw
@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
Matt Gabelli sounds like my kinda guy.
-Eliot Spitzer
FUCK Y’ALL I’M A PLAYAH!
Larry Haverty is his jeter
My only question is what does $46 million have to do with size of his package???
runnerrunner
He IS the A Rod of Investing.
In love with himself
Over paid
Horrible in the Clutch
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….
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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.
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.
Go FORDHAM!
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.
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.
Go Columbia!
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
@39 thanks for those 3 and 6 month old stories, champ.
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…
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.
42 = mario gabelli
#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.
# 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?
Tell you who wasn’t “downsized” or let go, anyone related or connected to him no matter how inept they are.
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.
I don’t know about you but A-Rod just won the series for the yankees.