“People are angry because they want to blame somebody else. They don’t take responsibility for their own goddamn lives. ‘I’ve never been promoted, because they don’t like me and there were these guys at AIG, look at them they have free lunches and EZ Pass and look at me I don’t get a free lunch.’ These people make me nuts. Get off your goddamn ass and do something. That’s what the people at AIG did, They picked up their asses and went to work.” [Pressler, related]
Robert Benmosche Is Pretty Sure People Angry At AIG Re: Bailouts Sit At Home Thinking, “Look at them, with their free EZ Passes”By Bess Levin
Alternatively, things are looking up for those hoping to romance an Olympic synchronized swimmer. Read more »
If someone were to tell you that on a comparative basis, you were getting lapped by government employees when it came to compensation and perks, you’d probably find that 1) downright offensive and 2) extremely hard to believe. Maybe you work at allegedly prestigious hedge fund or investment bank. Maybe they tell you that the food they stock in their pantry is the best you can find on the Street. Maybe they plied you with promises of the most delicious refreshments money can buy and maybe they even closed you on the state of the art trading floor fondue pot and men’s room barista. Maybe they thought you had you fooled about the opportunities elsewhere.
For those duking out the perks sections of a new contract, don’t let yourself be taken for a fool. Read more »
SUPER excited? Read more »
The Perks Of Being A Blankfein Child Working At Goldman Are Not Necessarily Reflected In One’s Paycheck?By Bess Levin
It’s already been widely reported that Lloyd Blankfein’s son Jonathan will join the the other vampires at Goldman Sachs this summer, after he graduates from Harvard. LB’s older son Alexander (Harvard ’08) already works there, having made it through the a very rigorous interview process that lasted 57 rounds until everyone was sure this kid had what it takes. How much did Alex make last year? According to Goldman’s recent filing with the SEC, $155,000. Which…isn’t really that much? Or at least not enough to claim nepotism? Unless of course the other first years in “cross asset sales” took home much less, in which case, do it. GET ANGRY. Otherwise this doesn’t really seem like a perk, so much as pretty standard pay at GS. Having Lucas vP maintaining your Facebook page, that’s a perk. Viniar securing your dinner reservations: perk. Gary Cohn teaching you how to play airplane in the C-suite and personally rotating your golden scrot, this is a perk (kidding, he does this for everyone). $155,000? Eh? Read more »
No, he didn’t take a salary or bonus last year, which chafes. But don’t cry Strawberry Hill tears for Boone’s Boy just yet. ‘Cause there’s this:
Former Bank of America CEO Ken Lewis received…$32,171 in 2009 as the bank struggled with loan losses and repaid billions in federal bailout money, according to an Associated Press analysis of a regulatory filing.
Friday’s filing shows that Lewis received no salary or bonus. His compensation was limited to perks including tax services and parking.
Man o’ the people UBS CEO Marcel Rohner has noticed that billions in writedowns, unsightly construction, and layoffs ’round the clock have taken their toll on company morale lately. No one smiles anymore in the halls. No one whistles when they work. No one laughs about last year’s insider trading charges, or the fact that the Stamford office, having been drained of its workers, is in the process of being converted into a giant fish bowl. And that’s a major buzz kill, at least on Rohner’s end, so in order to turn those frowns upside down, the CEO announced yesterday that all employees are entitled to take one extra day off in 2008. In order to redeem the freebie, you must be employed as of July 1st, and the gift of generosity does not apply to MDs (who will presumably be using the afternoon sans kids for a high impact shredding session of whatever documents need tending to). So take the day, recharge the batteries, and reignite that loving feeling you once had for UBS (and, if you can, remember those warm tingling feelings, and this unprecedented act of charity, during the next round of layoffs).
A Day Off For Grim UBS Staff [NYP]
This Is The First In A Series Of Anti-Knowledge Initiatives That Will Culminate In Hiring First Years Who Can’t ReadBy Bess Levin
Morgan Stanley is said to be cutting back on its b-school tuition reimbursement, from 100 percent to 10k a year. “Sucks for those of us working through 10k/quarter part-time programs,” said our tipster who just wants to learn, damn it. “This sets me back 50k or so. There goes the last of my loyalty to the company.”
Citigroup, fighting to keep its title as one of Wall Street’s most innovative investment banks when it comes to demoralizing employees, has begun charging lower-level employees to use the investment bank’s box seats at sporting events, the Wall Street Journal’s David Enrich is reporting. Top executives, of course, still get to enjoy the perk gratis.
Does anyone know how much Citi charges for box seats? Are they offered at cost? Or does Citi at least offer some kind of discount to those beleaguered junior bankers who have somehow survived the 30,000 deep cuts off Citi has already made or is planning to make? Also, does buying the seats automatically move you toward the bottom 5% of the bank that chief executive Vikram Pandit has promised to fire every year? After all, if you have time to seat in the box seats, you obviously aren’t working hard enough.
Citigroup’s Pandit Faces Test As Pressure on Bank Grows [Wall Street Journal]