CEO's No One Gives A Rat's Ass About Bravely Gave The Finger To 2009's Compensation Trend

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Wells Fargo's John Stumpf. Travelers Cos's Jay Fishman. Chubb Corp's John Finnegan. According to the July issue of Bloomberg Markets, all three men "are defying a trend," by taking home $21.3 million, $20.6 million, and $19.2 million, while many of their fellow CEO's dialed it down on payday. Why were they able to take such a stand, in the face of populist outrage, Ken Feinberg and the shouts of random passersby that Wall Street S's major D? Obviously the answer is that nobody gives a crap about these guys.

With all due respect of course. You want 20 mill? Sure, take it. Fill these garbage bags with as many unmarked hundos as you can cram in there. Whatever you want, no one cares. No one's even paying attention, and that includes the Comp Cop, who was just happy to be able to cross "annoy the fuck out of Lloyd Blankfein, Jamie Dimon and that other one" and proclaim mission accomplished when they announced they'd each be taking home bupkus relative to previous years. JD's pay dropped 96%, Blankfein dropped from the highest paid CEO in '08 to the 48th in '09, right next to Warren Buffett (who famously awards himself a mere 6 figures each year, which doesn't seem like much until you factor in that he still pays prosties, his biggest expense, at 1955 rates), and Vikram got $1 (+ $128,750, compesation he earned before he boldly pledged to not take anything until Citi turned a profit). Naturally, Feinberg would like to give credit where credit is due (to himself), for these changes.

The pay cut suffered by Blankfein, Dimon and Pandit “demonstrates better than anything the political impact of what I’m doing,” Feinberg says, speaking from his office near the 163-year-old Willard Hotel on Pennsylvania Avenue in Washington, a block from the White House. “I think they feel that it is unwise at this stage to be seeking lavish compensation packages. How do you justify those three people dropping? You justify it by saying that they don’t want to deal with the political consequences and the heat of this.”


Bloomberg: Not One Bank CEO Can Fill Jamie Dimon's Shoes, Especially Not That Guy From Australia Who Doesn't Own An Iron

Earlier today, Bloomberg ran a lengthy piece about the latest crisis on Wall Street: a lack of Jamie Dimon. Specifically, a lack of Jamie Dimon telling meddlesome regulators, anti-industry populists, know-nothing Congressmen, and hypocrite bastard newspapers where they can go and what they can suck. True, it's not as though he's gone anywhere, and he's still reminding people "it's a free fucking country" but "juggling multiple investigations and a $5.8 billion trading loss on wrong-way bets on credit derivatives" has left his hands a little tied and, some believe, cost him his once untouchable "stature" in the industry. And while one should never simply offer problems without solutions, Bloomberg isn't gonna sugarcoat this one: when it comes to "any kind of credible statesmen" to step in for JD, Wall Street is shit out of luck and not just because no one besides Lloyd came close in sales of their respective Bankers At Work And Play pin-up calendars. Among current CEO's, Lloyd Blankfein, Brian Moynihan and Vikram Pandit are deemed too busy "fixing their own firms or repairing their reputations," while Wells Fargo chief John Stumpf, though respected among his peers, is ruled out due to geography (“Part of Jamie’s fitting into that role was his natural brashness as a Wall Streeter and New Yorker, and that is not John"). But hey, what about that James Gorman guy? Runs Morgan Stanley, is based in New York, has been known to put a foot up an ass when necessary? Don't even get Bloomberg started. James Gorman, 54...doesn’t fit the Wall Street titan stereotype. The Australian prefers a rumpled tuxedo he bought as a business school student in 1980 to Armani for black- tie events, and he stocks Vegemite in the executive kitchen. Or maybe perhaps all that makes him perfect for the gig? The way we see it, Jim Gorman doesn't have the time or patience for fancy extras like unwrinkled suits and burgers made from foie gras-fed cows. All he cares about is not taking shit, or prisoners. Someone asks him, "What is this Vegemite stuff," he knocks their two front teeth out. You suggest maybe he could have ironed his shirt before that gala, he takes out that iron and smashes you in the face with it. You want a worthy successor for the job, you've got him. Wall Street Leaderless In Rules Fight As Dimon Diminished [Bloomberg]