bonuses

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Wall Street Bonuses Fall 44%
 Wall Street Bonuses Fall 44% 
Jan 28, 2009 4:58 PM CST

Wall Street Bonuses Fall 44%

State may lose $1B in tax revenue

(Newser) - Wall Street firms still dished out end-of-year bonuses in 2008, but they were a lot smaller. Cash bonuses fell 44% from the year prior, from a total of $33 billion to $18 billion, Reuters reports. That drop may take $1 billion in tax revenue from New York state, which is...

Bailed-Out Bank Execs Made $1.6B Last Year

Execs made average of $2.6 million; Merrill Lynch CEO made $83 million

(Newser) - Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an AP analysis reveals. Benefits at bailed-out institutions like Goldman Sachs, Merrill Lynch, and JPMorgan Chase included cash bonuses, stock options, personal use of company jets and chauffeurs,...

Exec Pay Likely to Stay in Stratosphere
Exec Pay Likely to Stay
in Stratosphere
ANALYSIS
Dec 21, 2008 7:13 AM CST

Exec Pay Likely to Stay in Stratosphere

Gov't measures to curb cash have backfired with strategies to win execs even more

(Newser) - Will the financial crisis slash the pay of executives who helped get us into the mess? Probably not, if past trends continue, writes David S. Hilzenrath in the Washington Post. When government in the past has fought to curb bosses’ cash flow, corporate boards have generally found a way to...

Profits Were Fake, Bonuses All Too Real

How risky schemes left bankers flush, banks broke

(Newser) - Dow Kim was one of the leading bond traders at Merrill Lynch, and in 2006 he bundled together $500 million in loans into a huge CDO with the charming name Costa Bella. Since the subprime collapse, Costa Bella has cost Merrill millions—but Kim had already cashed out, awarded a...

Morgan Stanley to Withhold Bonuses Until Bets Pay Off

Wall Street showing bonus season restraint

(Newser) - Attempting to curb criticism after taking billions in government bailout cash, Morgan Stanley has attached a “claw-back” provision to employee bonuses this year that allows the bank to withhold payouts if employees don’t manage risk properly. The Wall Street behemoth will hold onto a portion of employees’ bonuses...

Merrill CEO Backs Off $10M Bonus Request

Wall Street climate pressures Thain to forgo year-end check

(Newser) - Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion. Thain...

Merrill Boss Seeks $10M Bonus

Directors unlikely to comply given public sentiment

(Newser) - Merrill Lynch narrowly escaped extinction this fall, and CEO John Thain is seeking an end-of-year bonus of as much as $10 million for keeping the company alive, reports the Wall Street Journal. Merrill's board of directors—acutely aware of public scrutiny—appear unlikely to fork over that kind of package...

Exxon's Tillerson Gets $4M Bonus

(Newser) - A year of flush oil prices is paying off nicely for Exxon Mobil chief Rex Tillerson. He will get a $4 million bonus this year and a 10% increase in salary next year to $2.06 million, Reuters reports. Tillerson also will receive 225,000 shares of restricted stock. In...

Bailout CEOs: Make Them Share Taxpayer Risk
Bailout CEOs: Make Them Share Taxpayer Risk
analysis
Dec 2, 2008 12:36 PM CST

Bailout CEOs: Make Them Share Taxpayer Risk

When taxpayers have to take a stake, CEOs should have to do the same

(Newser) - As taxpayers become stakeholders in the very firms that made this economic mess, it’s become easy to say that losing CEOs should be stripped of their salaries, writes Andrew Ross Sorkin in the New York Times. But driving out good CEOs is no way to rebuild the banking sector....

Munificent Obama Empties Coffers on Staff

Some get an extra month's pay, can keep BlackBerrys and laptops

(Newser) - 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...

Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

(Newser) - 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...

Wall Street's Bonus Season 'Not Going to Be Pretty'

Experts are predicting cuts of 20%-50%

(Newser) - 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...

Wall Street Execs Ponder Slashing Their Own Pay

Bailed-out finance firms may cut compensation to silence critics

(Newser) - 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...

AIG Agrees to Freeze Executive Bonuses

NY takes tough action to limit payouts to curNewser Newsroom 1.15.0rent, former bigwigs

(Newser) - 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...

Wall St. Bonuses Are Down, but Hardly Out

Even giants taking a federal handout set aside millions for execs

(Newser) - 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...

Lloyds CEO Vows Bonuses, Despite Bailout

CEO promises execs big paydays for their 'terrific job'

(Newser) - 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....

Tough German Bailout Caps Bank Salaries

Bonuses, dividends also nixed for troubled firms' execs

(Newser) - 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...

Bankers to Reap $70B Despite Crash

Economy's woes don't put stop to Wall Street bonuses

(Newser) - 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...

The Perils of Positive Thinking
 The Perils of Positive Thinking 
OPINION
Sep 24, 2008 11:39 AM CDT

The Perils of Positive Thinking

Not just greed, but optimism and can-do led to Wall Street's downfall

(Newser) - “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...

NY Lehman Crew Gets $2.5B Bonus Pool

European workers, unsure of salaries, furious at payout

(Newser) - 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,...

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