The Royal Bank of Scotland Group PLC’s chairman on Friday acknowledged that the bank had miscalculated the public and political reaction to the £963,000 (around $1.5 million) bonus in shares awarded to Chief Executive Stephen Hester, who subsequently turned down the payment…”We knew it would be a difficult reaction, but the speed and scale of it took us by surprise,” Mr. Hampton said in a briefing with reporters. [WSJ]
surprises
Yesterday we reported that Highbridge’s Asia man, Carl Huttenlocher, would be leaving the firm, in a move that seems to have come as something a shock CEO Glen Dubin (and investors from whom Huttenlocher spent most of 2010 raising assets), who flew out to Hong Kong to let employees know that nothing is fucked (though the firm will be winding down the Asia equities portfolio). Today the Journal‘s Jenny Strasburg has more details on Carl’s plans for the future. Continue reading »
His time here is almost over but before he takes off for a little maxing and relaxing, the Compensation Cop is apparently thinking about having some fun with bonuses that were paid out that for “the bailout year of 2008″ by all banks that took TARP funds and not just the ones who’ve yet to pay back the blood money. So not just fuck-ups like Citi and Bank of America but also institutions such as, to name a few, JPMorgan, Morgan Stanley and, gird your loins, Goldman Sachs. Feinberg has just finished a “look back” at the cheddar paid out by those institutions and according to Charlie Gasparino, “does not like what he saw.”
Sources say that Feinberg, in concluding his study, and one person with knowledge of Feinberg’s thinking says he is “leaning” toward forcing at least some of the big banks that he reviewed to give back bonus money.
[via NYT]
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