“How much better do you live with $2 billion than $50 million?” chairman and founder of the New York Hedge Fund Roundtable Stanely Goldstein recently asked, the insinuation being that one does not feel much of a difference between living comfortably and living at a pay grade that affords you at least one private jet, multiple castles, an oil tanker, 1,000 eunuchs, a McMansion in every city in America (for storage), and a wing in your main house dedicated solely to deep-frying things. Goldstein wanted to make that case because it would help garner support for an idea he has: to cap hedge fund manager pay. Now, before everyone gets their fleece knickers in a twist, know this– Stan is doing this for you! “I am a free-market economy, right-of-center Republican, and I resent how the liberals have used hedge funds as a punching bag,” Goldstein said. The way he sees it, hedge fund managers would be much happier if they took home a number that wouldn’t be “ridiculed” by the public. Read more »
caps
New York Hedge Fund Roundtable Chair Suggests Interesting Propsal For Manager Pay: Caps
By Bess LevinThe Comp Cop has emerged from his chambers to announce that the 25th to the 100th top earners at Citi, GMAC, AIG and GM will get no more than $500,000 in cash. He’s made 12 exceptions for “competitive reasons,” i.e. the veiled threats of certain AIG employees. Also, he thinks Bank of America’s TARP repayment is “excellent,” and took credit for Goldman’s all stock bonuses.”
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