Wall Street Reacts With Skepticism, Anger on Moves to Reduce Executive Pay (Bloomberg)
The pay cuts are “sheer stupidity,” said Kenneth Langone, co-founder of Home Depot Inc. and a former New York Stock Exchange board member. “The taxpayers have an enormous financial risk in these companies, and very simply stated, I want the best person. If I needed neurosurgery, I would want the finest doctor I could get, no matter what I had to pay for it.”
GM CEO to get raise in compensation (Reuters)
Last year’s comp was $1.71 million, this year will be $5.45 million.
CIT Reaches Tentative Deal with Goldman (CNBC)
The new agreement calls for Goldman to reduce the loan to just over $2 billion, people said. CIT in turn would pay Goldman about $300 million if it files for bankruptcy.
Top employees leave financial firms ahead of pay cuts (WaPo)
So suck it, Feinberg!
Fed Hits Banks With Sweeping Limits Pay (WSJ)
While the Fed didn’t propose pay caps, it said it will review compensation policies at “28 large, complex banking organizations,” which it didn’t identify. It will be a “horizontal review” that in effect compares them to one another. The Fed also proposed that pay of traders and other employees be linked to the risks taken to achieve returns. So if two people generate $1 million in revenue each, one who took more chances could be paid less.
Man pleads guilty to DWI in motorized La-Z-Boy (AP)
Let this be a lesson to you all.
Comments (23)
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
” People like Jeffrey Chiang is what the subprime is in trouble.”
This statement is the new killing it.
Who’d a thought that a 22 year old loser would eclipse biff basness.
nice mic
Boo hoo Langone. Do you pay your neurosurgeon $9Mill in salary and stock? Didn’t think so.
The best neurosurgeon makes more than $9mm/yr. Nice try.
@4 BS. Nice try.
Say what you will. When a company needs gov’t assistance/taxpayer money, it’s “what’s good for Wall Street is good for Main Street.” When Main Street says, “would you be a good American and work for $9 million instead of $20 million for a while,” it’s “fuck that shit.” So, have a nice day.
I couldn’t care less what a shitheel like Langone thinks.
I’d just like to see Feinberg try and cut my pay. I’m untouchable bitches!
-Jeffrey Chiang
The opinion of someone who would wear those ugly ass shoes is moot.
Asian ambition always gets in the way of ethics
I was hoping to see another close up of Raj Raj’s goiter this morning. I am disappointed.
@9
His opinion may be moot, but thats not the point. Any Wall street exec who doesnt lick said shoes will know what its like to have them stuffed into their hindparts.
@9 – it’s not just the shoes…it’s the white trousers, black socks and brown shoe combo.
I don’t give a shit about $60bill of Gov’t guaranteed GE debt, Feinberg touches my pay he’ll be kissin a knuckle sandwich from my friend Moose.
CG
I don’t know if my pay is limited but a nigga like me got paper.
-Nickelx10
I don’t give a shit about $60bill of Gov’t guaranteed GE debt, Feinberg touches me and Maria’s pay he’ll be kissin a knuckle sandwich from my friend Moose.
CG
He touches Maria’s pay he’ll be chewin my bumfluff
CG
are those shoes Gucci? Or Tod’s?
@18, their Payless, you nimrod
Kenny,
Next time go for the Ferragamos and lose the socks, you look like a Walmart exec.
Where can I get a motorized La-Z-Boy?
“CIT in turn would pay Goldman about $300 million if it files for bankruptcy” and then that money would be returned to CIT’s bankruptcy estate as a payment in violation of 541(c).
@ 10
Hey White boy only 1 Asian in every 30 Westerners screw up but they make a bid deal out of it!! Why? Because it’s so rare and less damaging.