Good day for the Goldmanites and Dimonites of the world. Following Obama’s acknowledgement that the whole banker-hatin’ was just a joke, Dick Bove has issued a report noting that the thing Obama said about bankers and ball players and pay? He’s said it for years.
I have constantly pointed out that one can make more money playing third base for the New York Yankees or being a shooting guard with the Los Angeles Lakers than one can get paid for running a financial company with hundreds of thousands of employees.
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Finally, it pays to be Kenneth Feinberg’s special-needs CEO. You get this insider info before everyone else. The Times reports:
Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the annual salaries of their 25 best-paid executives by an average of about 90 percent from last year. The executive’s total compensation — including bonuses and retirement contributions — will drop, on average, by about 50 percent. The companies are Citigroup, Bank of America, the American International Group, General Motors, Chrysler and the financing arms of the two automakers.
