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NEWS ABOUT: executive compensation

17 TARP Banks Paid Execs Billions: Pay Czar

Payments would have violated later guidelines

(AP) - Seventeen banks gave their top executives $1.6 billion in lavish payments while they were receiving billions of dollars in taxpayer-funded bailouts, the Treasury Department's compensation chief said today. Kenneth Feinberg said he did not have the authority to ask the firms to repay the money handed out during the... More »

Wall Street Hiring Jumps

Bonuses back in fashion as firms lure execs

(Newser) - Happy days are here again for Wall Street workers. The big banks have gone on a hiring spree over the last few months and competition for the best execs is heating up, sending salaries upwards and spurring firms to start offering perks and hefty bonuses again, Bloomberg reports. Recruiters say... More »

Hedge Fund Managers Rake In Record $25B

Top 25 managers cleaned up by betting on bank bailout

(Newser) - Betting correctly that the federal government would not let more banks fail after the cruel denouement of 2008, hedge fund managers engineered a record payday for themselves in 2009. The top 25 brought in $25.3 billion, topping 2007’s record by a healthy margin, and the $4 billion taken... More »

Revamped Bonuses Screw Up Wall St. Divorces

Deferred stock payments complicate settlements

(Newser) - Wall Street’s new post-crisis pay structures are making divorce a complicated proposition for many bankers, traders, and executives. To encourage long-term thinking, many bonuses are now composed largely of stock that can’t be converted to cash for years. It’s “throwing a massive monkey wrench into the... More »

Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

(Newser) - The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky... More »

Shareholders Sue Goldman Sachs for Overpaying Execs

Union seeks to claw back from 'vastly overcompensated' honchos

(Newser) - Shareholders are losing out because Goldman Sachs executives are "unreasonably overpaid," a lawsuit filed by a union pension fund charges. The suit from the International Brotherhood of Electric Workers fund seeks to block Goldman from spending almost half of its net revenue on executive compensation and to recover... More »

Morgan Stanley Boss: Bankers Are Overpaid

But that's not going to change unless Washington steps in

(Newser) - John Mack, chairman and former CEO of Morgan Stanley, says Wall Street overpays its bankers, but that won’t change unless Washington steps in. “I still don’t think the industry gets it,” he said at an event yesterday. “The issue is not structure, it is amount.... More »

Latvian 'Matrix' Hacker Exposes Corrupt Gov't

'Neo' digging out damning documents

(Newser) - A hacker on a mission to expose greed and waste in high places is rapidly becoming a folk hero in recession-hammered Latvia. The hacker, who uses the name Neo from the hero in the Matrix film series, has exposed the salaries of top government officials online and revealed that managers... More »

Wall St.'s Top Bonuses Go to No-Names

Lloyd Blankfein's pay looks puny compared to John Stumpf's

(Newser) - In the public imagination, Goldman Sachs gives the biggest bonuses around, but this year CEO Lloyd Blankfein’s $9.6 million payday doesn’t even crack the top 10 in the financial industry. Instead, the top spot is occupied by decidedly less famous Wells Fargo CEO John Stumpf, who pulled... More »

White House Splits Hairs on Wall Street Bonuses

'Don't begrudge' line taken out of context: aides

(Newser) - The White House is in damage control mode after President Obama told a Bloomberg interviewer yesterday he didn't begrudge Wall Street bankers their bonuses. He also noted that Wall Streeters don't make as much as star baseball players. The quotes were overplayed to make it seem like he approved of... More »

Obama OK With Fat Bonuses for Blankfein, Dimon

Compares bank CEOs to overpaid baseball players

(Newser) - Barack Obama says he’s down with the combined $26 million in bonuses that the CEOs of Goldman Sachs and JPMorgan are getting paid this year. “I know both those guys; they are very savvy businessmen,” Obama tells Bloomberg. “I, like most of the American people, don’... More »

BofA Doles Out $4B in Bonuses

Year-end payout breaks down to $300-$500K per employee

(Newser) - Bank of America will pay a total of $4 billion to its traders and investment bankers for their work in 2009—or something between $300,000 and $500,000 per employee. That means those responsible for the bank’s $23 billion haul in those sectors will receive about 19% of... More »

Goldman's Lloyd Blankfein 'Expecting $100M Bonus'

CEO 'thumbing his nose' at Obama's call to limit payouts

(Newser) - Goldman Sachs is preparing to defy President Obama's tough talk on executive bonuses and award chief executive Lloyd Blankfein a whopping $100 million, according to bankers at the World Economic Forum. "This is Lloyd thumbing his nose at Obama,” a banker at one of Goldman’s rivals tells... More »

Banks Get Creative to Dodge Bonus Limits

Favorable loans, options aid bonus-bereft execs

(Newser) - Banks chafing under pay and bonus restrictions are helping execs make ends meet with low-interest loans, no-collateral loans, and even loans that don't need to be paid back unless the employee leaves the firm. Favorable and forgivable loans are nothing new in the industry, but experts say in-house loans have... More »

Why Wall Street Gets Paid So Damn Much

And why it's probably bad for society

(Newser) - Wall Street bankers may be a greedy lot, but their eye-popping bonuses are the result of math, not avarice. “Most of us are paid based on what we produce,” explains Robert Samuelson in the Washington Post. “By contrast, Wall Street compensation levels are tied to the nation’... More »

US Banks Paid Employees Record $145B in 2009

Haul breaks mark set in pre-bust 2007

(Newser) - Employees at the major US banks were paid about $145 billion in 2009—a total that, despite the financial crisis and public outcry over compensation in the industry—breaks a record set in pre-bust 2007. A Wall Street Journal analysis finds that 2009 revenue will be $450 billion, up 25%... More »

Goldman May Force More to Donate to Charity

Face-saving program would be similar to 4% rule at Bear Stearns

(Newser) - As Goldman Sachs prepares to lavish spectacular bonuses on employees this month—based on record profits of about $12 billion for 2009—the investment bank is mulling a face-saving program that would require more employees to donate to charity. Goldman already has such a program, which targets about 400 top-earners.... More »

RNC's Steele to Reid: Step Down

Romer on Wall Street bonuses: 'For heaven's sake, people'

(Newser) - Harry Reid has put his foot squarely in his mouth with quotes about President Obama's lack of "Negro dialect," and Michael Steele would like him to take it out long enough to say, "I quit." "Remember this is a leader who only a few weeks... More »

Wall Street Weighs Huge Bonuses Vs. Public Wrath

Small signs of restraint as bonus season begins with record profits

(Newser) - Wall Street this week enters that cash free-for-all known as bonus season with quite the dilemma hanging overhead: How to distribute the billions in record-breaking profits reaped this year without incurring public wrath? Goldman Sachs expects to give out an average of $595,000, the New York Times reports, and... More »

AIG Attorney Makes Millions by Quitting Over Pay

Company to award Kelly mammoth severance package

(Newser) - Quitting in a snit over government-imposed pay limits has ensured a bumper payday for AIG's top in-house lawyer, insiders say. The bailed out insurance company is preparing to pay Anastasia Kelly several million dollars in a severance package under company terms that allow some execs to quit and collect severance... More »

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