Compensation Watch '09: You Get What We Say You Get, Bitches!

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And when I say bitches, I'm looking at all of you. Work for a bank that took a little bit of TARP money? Work for a bank that took a lot a bit of TARP money? Work for a bank that took no TARP money? Senior hire? Low man on totem pole? I'm calling the money shots on all your asses.

The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.
The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.
[...]
During a recent congressional hearing, Chairman Ben Bernanke said the Fed was working on rules that will "ask or tell banks to structure their compensation, not just at the very top level but down much further, in a way that is consistent with safety and soundness -- which means that payments, bonuses and so on should be tied to performance and should not induce excessive risk."

US Eyes Bank Pay Overhaul [WSJ]

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