• 26 May 2010 at 1:08 PM

CEO’s No One Gives A Rat’s Ass About Bravely Gave The Finger To 2009′s Compensation Trend

By

Wells Fargo’s John Stumpf. Travelers Cos’s Jay Fishman. Chubb Corp’s John Finnegan. According to the July issue of Bloomberg Markets, all three men “are defying a trend,” by taking home $21.3 million, $20.6 million, and $19.2 million, while many of their fellow CEO’s dialed it down on payday. Why were they able to take such a stand, in the face of populist outrage, Ken Feinberg and the shouts of random passersby that Wall Street S’s major D? Obviously the answer is that nobody gives a crap about these guys.

With all due respect of course. You want 20 mill? Sure, take it. Fill these garbage bags with as many unmarked hundos as you can cram in there. Whatever you want, no one cares. No one’s even paying attention, and that includes the Comp Cop, who was just happy to be able to cross “annoy the fuck out of Lloyd Blankfein, Jamie Dimon and that other one” and proclaim mission accomplished when they announced they’d each be taking home bupkus relative to previous years. JD’s pay dropped 96%, Blankfein dropped from the highest paid CEO in ’08 to the 48th in ’09, right next to Warren Buffett (who famously awards himself a mere 6 figures each year, which doesn’t seem like much until you factor in that he still pays prosties, his biggest expense, at 1955 rates), and Vikram got $1 (+ $128,750, compesation he earned before he boldly pledged to not take anything until Citi turned a profit). Naturally, Feinberg would like to give credit where credit is due (to himself), for these changes.

The pay cut suffered by Blankfein, Dimon and Pandit “demonstrates better than anything the political impact of what I’m doing,” Feinberg says, speaking from his office near the 163-year-old Willard Hotel on Pennsylvania Avenue in Washington, a block from the White House. “I think they feel that it is unwise at this stage to be seeking lavish compensation packages. How do you justify those three people dropping? You justify it by saying that they don’t want to deal with the political consequences and the heat of this.”

Comments (47)

  1. 1
    Posted by guest | May 26, 2010 at 1:16 PM

    Feinberg: Charlotte or Miranda?

  2. 2
    Posted by Anonymous | May 26, 2010 at 1:17 PM

    feinberg>Kouwe

    Jus sayin

  3. 3
    Posted by Anonymous | May 26, 2010 at 1:22 PM

    “…which doesn’t seem like much until you factor in that he still pays prosties, his biggest expense, at 1955 rates”

    Nice.

  4. 4
    Posted by Anonymous | May 26, 2010 at 1:26 PM

    Bess! If I was your boss, I would compensate you fairly. A lot.

  5. 5
    Posted by NakedShort | May 26, 2010 at 1:29 PM

    A year and a half in and some of these pricks just dont get it. You would figure at some point they would understand that once you’ve made enough, you’ve made enough.

    -Barry O.

  6. 6
    Posted by guest | May 26, 2010 at 1:35 PM

    Wow! Killing IT is the new Killing IT……come to think of it….it is the Old Killing IT too!

  7. 7
    Posted by Canadian Banker | May 26, 2010 at 1:35 PM

    Feinberg made $5.76M in 2008.

    Fucking peasant.

  8. 8
    Posted by Anonymous | May 26, 2010 at 1:39 PM

    Fishman was one of Weill’s cronies at Citi and thought he was eventually going to get tapped to replace Sandy. He was so confident in fact that when he left to become CEO of The St. Paul he continued to live in New Jersey and commuted to the job in Minnesota (on the company’s jet and on the company’s dime, of course). Given his inflated sense of entitlement, Feinberg would probably have to pry cash out of Fishman’s cold, dead hands before he’d give any of it up.

  9. 9
    Posted by OptionsTrader | May 26, 2010 at 1:43 PM

    Hey they are just storing away food like a chipmunk for the upcoming west coast bank write-offs. WFC was given an underperform rating by Reuters and has since dipped 7.07%. Better take that fucking bonus now while you can bitchesssssss.

    WFC portfolio in failing California infastructure is turning toxic.

  10. 10
    Posted by Anonymous | May 26, 2010 at 1:46 PM

    WELLS Fargo hahahahahahaha point and laugh. I wouldn’t work there for $100MM.

    -RBS Trader

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