The Aussies have some angry junior mistmakers on their hands. Read more »
The Fed has some “large U.S. financial services firms” by the balls. Morgan Stanley is not among them. Read more »
Lloyd Blankfein gained a beard and a few mill. Read more »
Blowing Your Bonus Watch ’13: In Need Of A Little Inspiration? Consider A Page From The Buzz Bissinger PlaybookBy Bess Levin
I own eighty-one leather jackets, seventy-five pairs of boots, forty-one pairs of leather pants, thirty-two pairs of haute couture jeans, ten evening jackets, and 115 pairs of leather gloves. Those who conclude from this that I have a leather fetish, an extreme leather fetish, get a grand prize of zero. And those who are familiar with my choices will sign affidavits attesting to the fact that I wear leather every day. The self-expression feels glorious, an indispensable part of me. As a stranger said after admiring my look in a Gucci burgundy jacquard velvet jacket and a Burberry black patent leather trench, “You don’t give a fuck.” The most expensive leather jacket I own, a Gucci ostrich skin, cost $13,900. The most expensive evening jacket I own, also from Gucci, black napa leather with gold threading, cost $9,800. The most expensive leather pants, $5,600. The most expensive jeans, $2,500. The most expensive pair of boots, $2,600. The most expensive pair of gloves, $1,015. Gucci by far makes up the highest percentage of my collection. The Gucci brand has always held special power for me, ever since the 1960s, when the Gucci loafer with the horsebit hardware was the rage, and my father, who fancied himself as being anti-status when he secretly loved it, broke down and bought a pair. Followed by my mother’s purchase of the famous Jackie O. shoulder bag. As a 13-year-old, I circled the old store on Fifth Avenue several times before getting up the courage to go in and buy a Gucci wallet covered with the insignia. [GQ]
Barclays’ Board May Have Banned Bob Diamond From Coming Within 200 Feet Of The Building But That Doesn’t Mean They Want To See The Poor Guy Driving Himself Around TownBy Bess Levin
As you may recall, over the summer, former Barclays CEO Bob Diamond resigned in disgrace after revelations that bank employees had engaged in rampant rate rigging on his watch. And while the scandal clearly had an affect on his last performance review, Bob and friends o’ Bob will be pleased to hear that it didn’t actually hurt him too badly come pay day! In addition to a couple million pounds (for half a year’s work), it was announced today that Diamond’s 2012 package also includes lodging while he’s visiting old colleagues in town, as well as a company car and driver. No need to see the guy reduced to dirtying his hands opening door or walking, when he’s already been through so much. Read more »
The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS’s O’Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it? Read more »
The surprise camaraderie enjoyed by the U.K. in European circles, vis-à-vis the European Community’s campaign to destroy London’s status as a global financial center, has evaporated as quickly as it appeared. As if to fortify the opinion of Euroskeptics across Great Britain that the U.K.’s European partners are fey, duplicitous and centralizing all at the same time, Germany et. al. have said, “We’re happy to sign an impotent letter complaining about something we can no longer do anything about, but you can’t expect us to stand in the way of impotent populist measures directed at people who don’t live in our countries.” Read more »
This weekend Switzerland voted to … do something about executive pay? Maybe? I was a little frustrated reading the news reports because they didn’t really say what the Swiss actually did, so I went and found the actual resolution, and turns out it doesn’t either. Something something vote on executive pay:1
The shareholder meeting will vote each year the total amount of remuneration (money and value of benefits in kind) of the board of directors, of management, and of the the advisory committee. Each year it will elect the chairman of the board of directors and, one by one, members of the board of directors and the Compensation Committee as well as the independent representative. Pension funds will vote in the interest of beneficiaries and will communicate how they have voted. Shareholders may vote by absentee ballot electronically, but they can not be represented by a an affiliate of the company or a depositary;
So immediate fun simple questions like
- are you voting on last year’s pay, or next year’s pay?
- what happens if you vote no? do they get nothing? do you do another vote in a month? and
- since you apparently just vote on total amount of comp, can management/the board divvy it up however they feel like it?
remain totally unanswered. Read more »