Remember, back in the day, when Kenneth Feinberg was named Comp Cop and everyone working at a bailed out company, who were told their asses were about to be capped, threatened to leave if he so much as dared to take a penny of their hard-earned money away? Sure you did, they wouldn’t shut up about it, or the fact that this–this!– was going to be the death of their otherwise phenomenally profitable firms? Anyway, apparently most people were just messing.
Of the 104 senior executives whose pay was set by the federal pay regulator in the last two years, 88 executives, or nearly 85 percent, are still with the companies even though their pay was drastically cut back, according to people briefed on the government data. The relative stability, at least within the executive suite, suggests that a soft job market, corporate loyalty and personal pride helped deter the feared management exodus at the companies hardest hit by the pay rules.
Sure, or maybe it was this.
Mr. Feinberg’s actions did little to rein in the industry’s huge payouts. Most of Mr. Feinberg’s pay rulings, for example, were in effect only for the final few weeks of 2009 — and affected only a handful of the most troubled companies.
This is entirely misleading- there are sh*tloads of people who have left all of these places b/c they were not getting paid, regardless of whether it was b/c of feindouche or not, and yes, the banks were hurt by it.
I am a 10 year old web developer from Mumbai. I can troubleshoot and fix your website downtime for a pair of Nike sneakers and a twelve-pack of Mountain Dew. Please to let me know.
Bess, I miss you.
Let’s get back on topic. How good do MCC’s look today?
Yeah these guys are all ballers. Only now they play small ball.
Thank God Bess is so well compensated otherwise we would have to recruit a new leader for HandBridge Cap.
*****Moore Capital office raided in London by FSA*********
These guys have no useful skills outside of wall street. How many hedge funds are actually looking for people? Where are they gonna go?
5- squash? how can they afford the dues at the racquet?
Bess, this is not shocking news. What is shocking is that bank heads continue to peddle the arugment that if they don’t pay their people, someone else will. Seriously, if it’s bad PR for Citi to pay a top trader $50M, then it’s going to be bad PR for Goldman to pay that same trader $50M. So it’s not like the trader can just jump ship because one bank won’t pay him. Can he go to a hedge fund? Maybe. But it’s not like hedge funds are exactly sitting, waiting for bank employees to quit.