It’s not just the top 25 highest paid executives working at the charter members of the bailout club who are going to be hurting from the pay czar’s decision to slash salaries by 90% and reduce total comp by 50%. There will be some collateral damage and for those at Citi and AIG, all you have to do is look out the window to see it. As it stands now, the State of New York will likely not have enough money to pay its bills come December. With six weeks to go, the state is about $3 billion short of being able to pay for such luxuries as “property tax rebates, aid to school districts, counties and cities.”
While the tax revenue the state would have earned from chosen few probably wouldn’t have wiped out the entire balance, every $100 million helps. Rewarding failure clearly doesn’t make much sense. But when you forgo the opportunity to tax your message across to the intended recipients and help avoid turning NY into an IOU state, the decision to penalize an innocent bystander doesn’t make much sense either.
New York Faces Cash Squeeze in December, Governor Paterson Says [Bloomberg]
Hey Greg, you’re the bore Czar!
I work for a hedge fund so it’s still models and bottle for me, bitches.
@2: Just 1 bottle? lol
@2: Galleon?
@3 – Baby bottle.
Count it.
FKING DEMOCRATS!!!!!!!!!! You are going to turn this country into communist Russia. All of your Goverment spending hasn’t led to any real creation of jobs!!! 49 out of 50 states have fewer jobs following the stimulus! http://www.republicans.waysandmeans.house.gov/News/DocumentSingle.aspx?DocumentID=150826
Greg, this is just garbage, Greg.
@6 Librium 25 mg.
@6–White House to New York: Drop dead!
And on your way to the mortuary, take your governor with you.
greg, why didn’t you augment this drivel by acknowledging the fact that ny already allowed the mortgage interest deduction expire this year…fk’rs! which will have the unintended consequences of further deflates housing values in the region (less of a reason to own) and lowering tax receipts (lower sale prices). vicious cycle these bleeding hearts live in.
Hey, Cuomo – how is that bid for Gov going to go when the people of NY figure out that the populist train you set in motion bankrupts the State.
Jesus Greg this was awful. I have a theory–do you ever read the comments? I can’t imagine you do, If you did I can’t believe you’re so stupid not to have learned from them (e.g., TRY USING TAGS; learn from Bess; etc.). So I’ll pay you $100 if you read this. Just reply here in the comments. It’s your weekly income, you know you could use it….
Am I the only one freaked out by those giant-headed “Know-it-All Guru” Cisco ads on the side of the page?
Take it easy, Subprime All Star, those giant-headed gurus are Greg’s mom.
I have to agree with #12. Yes, Greg has some insight into the structured product markets. But his stuff is just painful. Let’s be honest: Dealbreaker really isn’t about insightful wall street commentary. It’s about pie-in-the face, tit-baring, crotch-grabbing, universal-mocking humor. We want salacious gossip and screen shots of brestage. If I want to read Frank Freakin’ Fabozzi, I can dust that off. If I want to read “Homeboy” Holman Jenkins, that’s in the paper. Please clone Bess and shoot Greg.
@15 Not everybody here needs breastage. More Shiat, less tit!