In the latest issue of Crain's Aaron Elstein examines the massive package of Mario Gabelli. Last year's paycheck ($46 million) was bigger than that of Lloyd Blankfein and John Mack combined and more than twice the size of Larry Fink's take-home. We'd advise you to not even entertain the thought of making comparisons, though, which Big G says are baseless crap (or bringing up the fact that the firm only took in $25 million in 2009). Plus, he's got an explanation for it all that will just make you look like an idiot and him look like a guy on 'roids.
Mr. Gabelli makes no apologies. The Bronx native says comparing his pay to Mr. Fink's is "bull," because while other CEOs dedicate their time to strategic and administrative matters, Mr. Gabelli still gets his hands dirty researching stocks and wooing clients to the firm he started in 1977.
"If A-Rod was managing the Yankees, he'd get $2 million a year," Mr. Gabelli argues. "But he's a player, so he gets more."
He adds that 98% of shareholder votes were cast in approval when his compensation package was last voted on two years ago. What Mr. Gabelli doesn't say is the outcome was never in doubt: He controls 95% of his company's voting stock.
Other things you should consider not bringing up are pay cuts some of Gabs' staff was forced to take, or the layoffs wherein a gaggle of Gamco-ers apparently only got two weeks severance. Probably safe to mention (like in an interview or something) is son (and employee) Matt, who's been seeing a stripper from Beamers, Stamford's premier topless bar, and recently escorted her to his brother's wedding. Could be a source of fatherly pride or some such. I don't know, I'm just trying to get you a little career advancement.
