Some get an extra month's pay, can keep BlackBerrys and laptops
New York Daily News Nov 14, 08 3:18 PM CST
(Newser)
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Barack Obama’s campaign is redistributing the wealth to the staff, the New York Daily News reports. The loaded campaign will give its troops a bonus equivalent to a month’s pay and allow employees to keep campaign-issued phones and computers, provided they pay the taxes. “It's a very nice gesture for people who slaved away and sacrificed for the past year,” one said.
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Will auto bailout change that?
Detroit Free Press Nov 14, 08 10:11 AM CST
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Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's sale of Chrysler, but a human resources VP admits they might be a bit controversial now.
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Experts are predicting cuts of 20%-50%
Wall Street Journal Nov 6, 08 7:49 AM CST
(Newser)
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For the second consecutive year, Wall Streeters are likely to see their wallets lightened by bonuses projected to be down 20% to 50% from a year ago, reports the Wall Street Journal. And while everyone is likely to be a little blue, the biggest loss of green may be among high-profile execs who—under shareholder scrutiny—could see their paydays drop 70%.
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Bailed-out finance firms may cut compensation to silence critics
Wall Street Journal Oct 31, 08 5:33 AM CDT
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Top Wall Street execs are considering heading off public outrage by cutting their own pay, insiders tell the Wall Street Journal . The big financial firms pay out billions in bonuses to their execs every year. They now fear a public relations disaster is looming as critics charge that the $125 billion bailout is effectively going towards pumping up the pay of the people behind the crisis.
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NY takes tough action to limit payouts to curNewser Newsroom 1.15.0rent, former bigwigs
New York Times Oct 22, 08 4:55 PM CDT
(Newser)
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AIG will suspend bonus payments to its executives after getting pressure from New York Attorney General Andrew Cuomo. The ailing insurance firm, which recently got billions of dollars in loans from the Federal Reserve, also will stop $19 million in payments to a former CEO fired in June. Cuomo said it made no sense to reward management under the circumstances.
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Even giants taking a federal handout set aside millions for execs
Forbes Oct 22, 08 9:29 AM CDT
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Wall Street bonuses could top $23 billion this year despite the woes of the global economy, Forbes reports. Indeed, that figure is down some 30% from last year’s $33.2 billion, but a smaller pool of employees, competition among companies to keep top performers, and the effects of mergers will help ensure many of the Street’s stars still walk away with millions.
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CEO promises execs big paydays for
their 'terrific job'
Guardian (UK) Oct 21, 08 6:51 AM CDT
(Newser)
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The CEO of Lloyds had promised staff that they will receive bonuses even though the British banking giant is being bailed out by the government. Employees were told that Lloyds faced "very, very few restrictions" after taking up to $9.4 billion in government money, reports the Guardian . Lloyds is currently undertaking a buyout of HBOS brokered by Prime Minister Gordon Brown, who had promised "an end to rewards for failure."
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Bonuses, dividends
also nixed for
troubled firms' execs
Associated Press Oct 20, 08 4:48 AM CDT
(Newser)
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The German cabinet approved the terms of a $645 billion bailout plan today—which includes a salary cap for top bank managers. Banks who take part in the bailout must cap managers' salaries at about $670,000 and withhold bonuses and dividends. Some of Germany's top banks have said they might not participate in the bailout under those terms, AP reports.
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Economy's woes
don't put stop to
Wall Street bonuses
Guardian (UK) Oct 18, 08 7:05 PM CDT
(Newser)
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Wall Street’s top banks are set to pay their financial workers more than $70 billion in salary and bonuses this year—a tenth of the $700 billion in taxpayer money committed to the bailout—despite the huge drops in share price and cash shortages they are experiencing, the Guardian reports. Morgan Stanley, for example, will dole out $10.7 billion, which at one point last week was more than the bank’s market value.
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OPINION
Not just greed, but optimism and can-do led to Wall Street's downfall
New York Times Sep 24, 08 11:39 AM CDT
(Newser)
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“Positive thinking,” the philosophy of self-help books and corporate retreats, has had some negative effects on Wall Street, Barbara Ehrenreich writes in the New York Times . It's popular to blame greed of executives and traders for the current meltdown in the financial markets, but the unbridled optimism and unwillingness to even think bad thoughts espoused by motivational speakers has to have contributed to this predicament, she argues.
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European workers, unsure of salaries, furious at payout
Independent (UK) Sep 23, 08 9:00 AM CDT
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Some 10,000 New York Lehman Brothers employees will share bonus pay of $2.5 billion, sparking anger among the investment bank’s European workers and critics of unfair compensation in the imploding finance arena, the Independent reports. The money was arranged before Lehman declared bankruptcy. Lehman’s British staff, who are bracing for the loss of jobs or pay rates, called the bonus pay a “scandal.”
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One resigns; chairman asked to step down
Wall Street Journal Apr 16, 08 1:19 PM CDT
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Washington Mutual shareholders got some of the blood they were out for yesterday, the Wall Street Journal reports, as the company backtracked on a pay scheme that would have shielded company executives from the subprime fallout. Board finance-committee head Mary Pugh also resigned, appeasing investors who blamed her for failing to prevent WaMu’s mortgage-related losses.
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Merrill, Citi and Countrywide honchos cashed in as companies foundered
New York Times Mar 7, 08 3:50 PM CST
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Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the New York Times reports.
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