Bankers’ pay soars ... - Mercedes-Benz Forum

 
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post #1 of 8 (permalink) Old 06-22-2009, 11:41 PM Thread Starter
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Bankers’ pay soars ...

Move right along.
Nothing to see here, just the Obama administration hard at work feeding the real masters.

GOOD JOB !!!
Try explaining this to the unemployed millions. And the likes of FTL and toby have the gall to ask everyone to get on with the program.


Quote:
In spite of the troubled environment, market rates for bankers have been running close to the boom-time highs of two years ago. “In some cases we’ve been paying up to 80 per cent of 2007,” admitted one senior executive at an expanding bank.

But the environment changed four or five weeks ago, bankers say. Partly driven by a need to hold on to good staff – and partly to offset the threat of bonus taxes or caps in the US –
UBS, Merrill and Morgan Stanley have all increased their basic pay substantially. Citi now plans to do the same.
...
As well as base salary hikes, banks are once more offering guaranteed bonuses to staff approached with lucrative offers by rivals. Bank of America, for example, has seen off attempts to poach top Merrill bankers by matching or bettering offers.

Regulators will be concerned – increasing basic pay and guaranteeing bonuses run directly counter to their efforts to push banks towards pay that better reflects long-term performance.

There have also been small signs of the trampled banks scoring coups of their own. Last week UBS hired a new strategy chief, Vesna Nevistic, from Goldman Sachs while last month it took on Rajeev Misra, formerly of Deutsche Bank, as global head of credit.

Additional reporting by Greg Farrell in New York
FT.com / Companies / Banks - Bankers? pay soars in attempt to halt exodus

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post #2 of 8 (permalink) Old 06-22-2009, 11:48 PM
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Oh. It is a partisan thing again. Of course.
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post #3 of 8 (permalink) Old 06-22-2009, 11:48 PM Thread Starter
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And of course, this ...

Quote:
All Aboard the Goldman Sachs Bonus Train
By Michael Corkery

While the wreckage of the global financial system still smoldering, some reports say Goldman Sachs Group is planning to pay its employees sizable bonuses this year, possibly the biggest ever.

The U.K.’s Guardian newspaper reported last week that Goldman’s London staffers were told that the company expects to pay record bonuses in 2009.

In reality, it probably is too early to say whether this year will be a record year for bonuses. The first quarter was strong but no guarantee of what the rest of the year will look like.

Still, Goldman has been signaling to that it is likely to pay big bonuses this year. In letters to House and Senate leaders on June 16, Chief Executive Lloyd Blankfein made it clear that now that Goldman had paid back the $10 billion it had received from the Troubled Asset Relief Program, it would ensure that “compensation reflects the true performance of the firm and motivates proper behavior.”

Goldman may have the right kinds of justifications in this environment for big bonuses. Much of the company’s recent profit has come from its fixed-income business, a less-risky arena than the illiquid derivatives and others products it loaded up on amid the credit bubble and Goldman has reduced its overall leverage from a year ago. That seems to fit the less risky profile that Congress wants from financial firms.

Goldman also has been trying to bolster its case for bonuses by broadcasting a new set of “compensation principles” designed to limit excessive risk-taking by limiting employment guarantees and reducing the amount of cash employees are paid. Goldman plans to pay employees more stock and less cash the longer they stay at the company. It also wants to discourage taking risks for short-term profits–the kind of behavior blamed for contributing to the financial meltdown–and instead it is encouraging employees to think and act like long-term shareholders.

Goldman may be riding high for now with its low risk margins. But many of its competitors, like Lehman Brothers and Merrill Lynch, are gone. Goldman’s compensation guidelines will really be put to the test only when the economy and credit markets rebound and higher-risk, higher risk investments become tempting again.

By that time, the heat will be off Wall Street and the truly big Wall Street pay day will likely return again.
All Aboard the Goldman Sachs Bonus Train - Deal Journal - WSJ

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post #4 of 8 (permalink) Old 06-22-2009, 11:54 PM Thread Starter
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Oh. It is a partisan thing again. Of course.
It's about as non partisan as it can get.

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post #5 of 8 (permalink) Old 06-22-2009, 11:56 PM
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[QUOTE=mlfun;3552931]Move right along.
Nothing to see here, just the Obama administration hard at work feeding the real masters.[QUOTE]


Smells like teen spirit, no I mean partisan poofery.
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post #6 of 8 (permalink) Old 06-23-2009, 12:03 AM Thread Starter
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Quote:
Originally Posted by Shane View Post
Quote:
Originally Posted by mlfun View Post
Move right along.
Nothing to see here, just the Obama administration hard at work feeding the real masters.

Smells like teen spirit, no I mean partisan poofery.
The previous administration isn't at work anymore , is it ?

The bankers are the real masters of both.

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post #7 of 8 (permalink) Old 06-23-2009, 12:10 AM
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A significant master but not the only one.
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post #8 of 8 (permalink) Old 06-23-2009, 12:34 AM Thread Starter
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Someone like McBear would say

"No no no you just don't GET IT.

A well fed banker is vital to the economic revival of the country."

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