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Has He Not Earned It?

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President Obama's pick for Treasury secretary, Timothy F. Geithner, has disclosed a $434,668 severance from the Federal Reserve Bank of New York. Geithner, who worked overtime last year negotiating lifelines for storied Wall Street firms as the credit crisis deepened, will also get $50,000 to $100,000 in unused vacation time and comp days.
According to an official at the New York Fed, Geithner's severance is from a supplementary retirement plan that would have begun paying out when Geithner turned 55. Geithner is 47, and the board decided to give him the cash equivalent, the official said.

Starting Public Sector Jobs With Parting Gifts In Hand [WaPo]


James Gorman Will Say Something Nice About Wall Street When Wall Street Earns It

If you're looking for a cheerleader, go bark up another tree. “Say you want to be out ahead of it and give a lot of speeches and talk about all the good we’re doing,” Gorman said today at an industry conference in New York. “And then some trader does some stupid thing like this guy at UBS did and he’s in jail and all bets are off,” Gorman said. He was referring to Kweku Adoboli, the UBS AG trader convicted of fraud this month in the largest unauthorized trading loss in British history...Traders at New York-based Morgan Stanley had too much latitude in the past, “what I call having an outsized sandbox,” Gorman, 54, said at the conference, which was sponsored by the Securities Industry and Financial Markets Association. “Until we can be really confident we’ve got discipline around the sandboxes, I think you have to be really careful not to be holier than thou,” Gorman said. “We’re going to be in the doghouse for a while.” Incidentally, this would a good time to mention that Gorman's bonus policy instituted last January-- STFU or GTFO-- still stands.