bonuses

Former Goldman Sachs trader Deeb Salem was awarded $8.25 million in 2010. He wanted $13 million and continues to fight for the extra 5 mill four years later because 1) While at Goldman, he was the Michael Jordan of investment professionals in the mortgage industry and had to fend off highly appealing offers from other firms on a near daily basis and 2) He had told his mother to expect 13. Read more »

The arrival of a Liberian-flagged freighter with Ukrainian, Arab and Filipino sailors spells one thing for Elena — dollars. And greenbacks are king in Venezuela, the 32-year-old prostitute says. Within hours of hearing of the ship’s imminent arrival, she has packed her bags and is heading to the crumbling city of Puerto Cabello. It is a 450-kilometer (280-mile) journey from her home in the Western state of Zulia that Elena finds herself doing more often now as Venezuela’s economy contracts, the bolivar slumps and prices soar. Prostitutes more than double their earnings by moonlighting as currency traders in Puerto Cabello. They are the foreign exchange counter for sailors in a country where buying and selling dollars in the streets is a crime — and prostitution isn’t. Greenbacks in the black market are worth 11 times more than the official rate as dollars become more scarce in an economy that imports 70 percent of the goods it consumes. [Bloomberg]

  • 04 Jun 2014 at 1:59 PM

Bonus Watch ’14: Junior Portfolio Managers

While their banking brethren received word of compensation with directions to go outside if they had to cry, adolescent portfolio managers at hedge funds did well to quite well for themselves last year, as did everyone else they work with. Read more »

The German lender is proposing to raise the maximum bonus senior managers can receive to twice their fixed annual salary, double the current level. Deutsche Bank officials say the move is necessary so that the bank can comply with European rules on pay, while also competing for staff with U.S. rivals. They say that if the bonus increase is rejected, the bank would need to raise base salaries to retain top talent. But opposition to the proposals is mounting from shareholder groups who argue the payment is excessive and fosters improper behavior. Germany’s Schutzverein der Kapitalanleger, an organization of small shareholders, said it would vote against the proposal because it lifts the bonus cap indefinitely, rather than for a defined period subject to review. Another shareholder group, the Ethecon, said it plans to vote against Deutsche Bank’s proposal which “would further raise the already irresponsible and inhumane risk appetite level.” [WSJ]

  • 14 May 2014 at 12:58 PM

Bonus Watch ’14: Some People Get A (Modest) Raise

If you’re taking any risk at all, sorry: You are out of luck. Read more »

Maybe some banks pay any old bonuses they want (despite continuing to lose money) in order to keep up with the Joneses, Goldmans, and JPMorgans of the world, but RBS isn’t going to be one of them! Not while it lives under the government’s house! Read more »

  • 25 Apr 2014 at 11:53 AM

Bonus Watch ’14: Macquarie

The Aussies have some very unhappy junior mistakers on their hands. Read more »