The New York Yankees have won one World Series in the past 10 years. They will pay their players $196.9 million dollars this year. The team’s four infielders will earn 40.6% of that or about $80 million in 2012. The four largest banks in the United States employ more than 1 million people and have aggregate assets of $7.6 trillion. The actions of these banks impact virtually every American household. The four CEOs of these banks [JPM, WFC, C, BAC] are expected to earn about $65 million this year. Clearly, society values the New York Yankees infield above that of the leaders of the banking industry even without a World Series ring. [PDF]
Dick Bové Reenters The Spotlight In Manner Befitting Dick Bové
When regular old bank analysts switch firms, people don't tend to make a big deal about it. Gardening leave is taken, contracts are signed, key cards are distributed, new business cards are printed. Sometimes you'll get an email address with updated contact information. That's usually it. Dick Bové, as you all know, however, is no regular bank analyst. Which is following his departure from Rochdale Securities, potential employers didn't interview him, he interviewed them, why his son/spokesman, Joe Bové sent out a press release announcing the final countdown to Bové Day, and why, when that blessed day arrived, it was celebrated with a three-course banquet and a little something called the Dick Bové Banking Manifesto.