Bonus Watch ’10-12: The Self-Described Michael Jordan Of Goldman Sachs

Author:
Updated:
Original:

Deeb Salem certainly has no shortage of regard for himself. What he does not have is an extra $21 million from his former employer.

Deeb Salem, who worked on Goldman's mortgage trading desk, had been seeking more than $21 million in compensation as well as legal costs and other penalties, according to the ruling by a Financial Industry Regulatory Authority arbitration panel.

Salem filed the claim last April, and Goldman sought to dismiss it in June. The panel granted Goldman's request on March 17….

Salem gained some notoriety after the financial crisis because a U.S. Senate panel included his own performance review for 2007. In the review, he detailed what he described as Goldman's plan to put a "short squeeze" on the mortgage market. He also described himself as an expert trader and said he deserved to be promoted to managing director.

"I am as competitive as Michael Jordan," Salem wrote, according to Senate documents. "I don't just want to win - I want to win every time and I want to steamroll the opposition."

In his Finra claim against Goldman, Salem said he deserved higher bonuses for 2010 and 2011, and a bonus and deferred compensation that he did not receive for 2012.

Goldman Sachs wins pay dispute with former trader: filing [Reuters]

Related

Layoffs Watch '12: Goldman Sachs

The cuts aren't said to be too significant but good luck telling that to the people who'll no longer be receiving quality Cohn-crotch time. Goldman Sachs, the Wall Street bank that generated 58 percent of first-half revenue from sales and trading, eliminated 20 to 30 jobs in that division this week, according to a person briefed on the matter. The cuts affected salespeople and traders in the U.S., with most taking place in New York, said the person, who asked not to be identified because the reductions aren’t being announced publicly. The decision is part of a continuous review of staffing levels amid difficult markets, the person said. Goldman Sachs Said To Cut More Than 20 In Sales, Trading [Bloomberg]

Layoffs Watch '12: Goldman Sachs

The cuts aren't expected to go too deep but every man, woman, and plant counts. David A. Viniar, Goldman's chief financial officer, said the latest round of belt-tightening by the New York company might include job losses for "a couple of hundred people." By year end, Goldman will reduce total expenses by $500 million on top of about $1.4 billion in cuts since last spring. Goldman To Tighten Belt Further [WSJ] Related: Goldman Sachs’ Philodendrons In The Line Of Fire

Bonus Watch '08: Goldman Sachs

Bonuses paid in '08 that were of the look-but-don't-touch variety were turned into real live ones that you can buy things with last year. Two billion dollars worth of live ones.