bonuses

  • 19 Dec 2014 at 3:53 PM

Bonus Watch ’14: Countrywide Whistleblowers

angelo_moziloThe total payouts to whistle-blowers in the federal government’s $16.65 billion settlement with Bank of America over its mortgage business may approach $170 million. Edward O’Donnell, a former executive at Countrywide Financial, and Robert Madsen, a former property appraiser for the bank already have been identified as two of the whistle-blowers that federal prosecutors gave credit to in the settlement agreement with Bank of America. The other two whistle-blowers entitled to a share of the settlement dollars being paid out by Bank of America are Shareef Abdou, an executive in the bank’s operations group, and the firm Mortgage Now, a New Jersey mortgage lender, according to court filings. The filings did not disclose the value of the settlement payouts, but the whistle-blowers, all of whom filed complaints under the Federal False Claims Act, are collecting payments equal to 16 percent to 17 percent of specific portions of the $16.65 billion, according to court filings and people briefed on the matter but not authorized to speak publicly. [Dealbook]

  • 18 Dec 2014 at 9:30 AM

Bonus Watch ’14: Citigroup

Citigroup Everyone at the House of Corbat is being asked to make sacrifices for the team this year, though some more than others. Read more »

  • 17 Dec 2014 at 9:45 AM

Bonus Watch ’14: Jefferies

jefferiesHopefully Jefferies employees enjoyed last year’s bonuses because there’s reportedly a lot more where that came from. Read more »

Christopher Zigmund Barra and Luis Miguel Sampedro likely have $7.5 million coming their way. Read more »

Lehman BrothersIn fairness, no one has officially measured and reported the size of Jonathan Hoffman’s testicles. But you’d have to figure they’re pretty big to hugely big based on the fact that he’s put forth the argument that:

  • Barclays paid him the $84 million he was owed by Lehman Brothers for his work in 2008, which was quite nice of them…
  • …Having said that, that doesn’t leave Lehman Brothers off the hook…
  • …While Lehman contends that Barclays paid the bonus because it took over all the Lehman employee contracts…
  • …Hoffman delightfully argues that he and Barclays had their own separate contractual agreement because he was hired by the British bank independent of its deal with Lehman1
  • …and therefore the Lehman estate still owes him his god damn money…

Read more »

  • 08 Dec 2014 at 2:25 PM

Bonus Watch ’14: Morgan Stanley

This could be you.

This could be you.

Exciting news from the House o’ Gorman: employees will get more actual money come bonus time, like the kind you can use, touch, roll around in and less of the kind that’s just sort of theoretical. Read more »

deebsalebIn 2010, Deeb Salem was employed as a mortgage trader at Goldman Sachs, despite numerous attempts by rivals to poach him and his self-described Michael Jordan-esque skills. He told his mother, who was living with him at the time, that he expected to be paid a $13 million bonus. So when it turned out he only received $8.25 million, you can imagine how incensed Deeb must have been. Not only had GS management made him look like a liar, it failed to keep up its end of the unspoken agreement re: not disappointing the mothers of Goldman Sachs employees. Refusing to let Goldman get away with such an unspeakable act, Salem sued the bank, demanding it cough up the extra $5 million he believed he was owed. Sadly, last September, a judge dealt Salem a bit of a setback in his quest to recover the money but if anyone thought that was going to stop him from ultimately making good on his promise to the woman who gave him life, he/she thought wrong! Read more »

Britain put in a good faith effort to challenge what it sees as unfair/unrealistic bonus rules from the EU but it’s since been told to sit down and STFU, so: you’re on your own. Read more »