Almost nine out of 10 women polled reported that men in equivalent positions received more pay, while 51 percent of men agreed, according to the survey released yesterday by eFinancialCareers. A third of women, who made up 30 percent of total respondents, said they’ve been discriminated against because of their gender, the job-search website operator said. [Bloomberg]
While he’s in a chatty mood vis-à-vis Allergan, the Pershing Square chief might want to tap that flow, since someone who has covered the Botox-maker for a whole year thinks he’s got this thing in the bag. More or less. Read more »
A couple of weeks back, Carl Icahn took to a regulatory filing to give himself a pat on the back for putting the kind of competent asses in boardroom chairs that instantaneously turn a company around. And no company got its ass more turned around than eBay, which boasted the worse corporate governance in the history of capitalism until Uncle Carl’s designee—well, not exactly designee, but someone inoffensive to both Carl and eBay—took his seat on June 17 and led the online auction site to an impressive 76% annualized return over the next 13 days, during which time eBay shares actually appreciated all of 2.2%.
That’s not bad for two weeks’ work, of course, but the crazy thing is that two months later, Icahn’s chart proving beyond any doubt that activism works or something actually understates his case. eBay shares are up 13.67% since former AT&T CEO David Dorman took his seat, and that annualizes out to something like 125%, give or take. Maybe he is a wizard. Or: Read more »
Trading stocks in pennies may be easy and efficient, but boy is it dull. So your friends at the Securities and Exchange Commission are batting around some ideas to spice things up without making your brains hurt too much. Read more »
Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we’d say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told “close friends” that regardless of whether or not Obama wins a second term, he’s ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be “at the top of the list,” the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. Read more »
Over the past six months or so, Wall Street has laid off a whole bunch of people. Unfortunately, having a job at this very moment does not mean you will 3 months hence. More cuts are a’ coming and according to Rochdale analyst Dick Bové, a lot more. What kind of numbers is he talking about? Let’s see. Morgan Stanley said yesterday that come 2012, 1,600 employees will be relieved of their responsibilities to the firm. Citi is getting rid of 4,000. RBS will be letting a buch of staff go, too, though the Brits have not said how many. Let’s assume a few other firms will add a couple thousand bodies to the count. How many did you get? ‘Cause after carrying the one, Bové estimates “at least another 150,000 will be fired in 2012,” and while no, he won’t show his work, he will tell you this: the government is loving this. Read more »
Charlie Gasparino is hearing that senior bonuses at Citi this year will be paid out half in stock that vests in five years and half in cash that only 20 percent of which is immediately available (30% of the cash portion will supposedly be awarded in two years). For those who don’t know you’re supposed to stop pushing the Q-tip when there’s resistance who may be having trouble figuring out why some people wouldn’t be so happy about being paid in such a structure, Chaz’s source explains: Read more »