executive compensation

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Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

(Newser) - Believe it or not, lavish Goldman Sachs bonuses are good news for everybody, a company official told a discussion panel yesterday. The out-of-whack pay inequality will give the economy a kick in the pants, insisted the vice chairman of Goldman Sachs International. "We have to tolerate the inequality to...

Bailed-Out Banks Boost CEO Perks

From private jets to bodyguards, they just keep taking

(Newser) - The CEOs of bailed-out banks and financial companies saw their perks and benefits—ranging from private jet use and country club membership to free parking and bodyguards—rise even at the height of the crisis last year. On average, the CEOs of the 29 biggest companies that received federal money...

Wasserstein's Death Triggers $188M Payout

Lazard chief to go down as one of history's richest bankers

(Newser) - It'll take more than just death to stop legendary Wall Street dealmaker Bruce Wasserstein making money. The Lazard chief's death on Wednesday triggered the vesting of $188 million in stock options, swelling a fortune recently estimated at $2.2 billion and cementing his status as one of the highest-paid bankers...

Goldman Tops $3B in Profit, Blows By Estimates
Goldman Tops $3B in Profit, Blows By Estimates
Q3 EARNINGS
Oct 15, 2009 7:13 AM CDT

Goldman Tops $3B in Profit, Blows By Estimates

Bank triples profit last year, sets $5.3B aside for pay, bonuses

(Newser) - Goldman Sachs is even more golden than we'd thought. The top firm on Wall Street posted a record third-quarter profit of $3.19 billion, a billion dollars higher than expected, thanks to returns on advising on takeovers and more aggressive investing. That quarterly result more than triples the $845 million...

Once-Reserved Goldman Turns on the Charm

Ahead of record result, normally reticent bank puts on a smile

(Newser) - Today's the day: Goldman Sachs is set to announce record profits in the third quarter, projected at $2.17 billion, and with it a compensation pool larger than Wall Street has ever seen. But the golden bank knows a PR disaster when it sees one—and has been mounting a...

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

(Newser) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures...

Stop Whining, Let Goldman Have Bonuses
Stop Whining, Let Goldman Have Bonuses
OPINION
Oct 13, 2009 5:45 AM CDT

Stop Whining, Let Goldman Have Bonuses

$23B is galling, but at least the bank is sensible: Sorkin

(Newser) - On Thursday Goldman Sachs is set to announce its third-quarter results, but the talk of Wall Street is the size of this year's bonus pool—predicted to be more than $23 billion. That's the largest figure in the company's history and twice as much as it paid out in 2008,...

Lewis Due a Mere $53M From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

(Newser) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top...

US Bankers' Pay Is World's Highest—by Far

(Newser) - US bank CEOs are paid drastically more than their counterparts around the world. The CEO of Commercial Bank of China, the largest bank in the world, brings home just $234,700 a year—or roughly 2% of JP Morgan boss Jamie Dimon’s $19.6 million haul. The US has...

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

(Newser) - With the Federal Reserve busily drafting rules to limit pay for bank executives, some investors believe Goldman Sachs will simply stop being a bank, Reuters reports. By shedding its year-old commercial banking charter, acquired in the heat of the financial meltdown to ensure access to credit, Goldman could elude restrictions...

Fed Shows Backbone, but Obama Cowers Before Banks

Reining in pay is good politics, good economics: Krugman

(Newser) - Just as the recession wanes and the financial system shows signs of the health, banks are returning to their worst habits, says Paul Krugman. Not only are paychecks soaring to pre-Lehman levels, but the financial sector is using its muscle to block "even the most minimal reforms." While...

Cost-Cutting Companies Target No. 2 Execs

Corporations eliminate second-in-command roles to save on costs

(Newser) - Cost-cutting at American's largest corporations is hitting the executive suite, with CEOs rolling up their sleeves to take on more day-to-day responsibilities and laying off their No. 2s. In the 18 months leading up to June 2009, 40 major companies eliminated COOs or presidents, the Wall Street Journal notes, while...

Fed Plans to Oversee Bankers' Pay

Sweeping new rules will let central bank reject risky compensation plans

(Newser) - A wide-ranging plan by the Federal Reserve to limit executive pay would allow government regulators to probe private financial institution's pay practices—and let the Fed block any policy it thinks may encourage undue risk. The plan is still being formulated and won't be finished for weeks, but it requires...

Highest-Paid Women in America

(Newser) - On the heels of its 2009 Most Powerful Women list, Fortune has compiled another of the best compensated females in the corporate world. The top 10 for 2008:
  1. Safra Katz, president, Oracle: $42.4 million
  2. Linda Chen, president, Wynn International Marketing: $23.9 million
  3. Sharen Turney, president and CEO, Victoria's
...

Highest-Paid Men in America
 Highest-Paid 
 Men in America 
Sep 15, 2009 1:16 PM CDT

Highest-Paid Men in America

Chesapeake CEO tops list, but Goldman grabs 3 slots

(Newser) - Fortune’s just released its annual list of the country’s highest-paid men and women. The men come out on top, with the top-paid man making two and a half times what the top woman makes. The top 10 men are below, along with total 2008 compensation.
  1. Aubrey McClendon, Chairman
...

Goldman CEO: Populist Rage 'Appropriate'...

... For money-losing banks, not Blankfein's, which hiked pay 33%

(Newser) - The CEO of Goldman Sachs joined the debate over executive compensation yesterday, telling a conference in Frankfurt that public anger was "understandable and appropriate" for money-losing institutions who hand out fat bonuses. But, notes the Wall Street Journal, Lloyd Blankfein stopped short of criticizing his own firm, and...

Don't Spend Bonus Bucks Yet, Warns 'Clawback' Czar

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money....

Geithner: Wall Street Is Safe Again

(Newser) - The return of hefty profits on Wall Street doesn't mean that banks are returning to previous bad behavior, Tim Geithner insists. In an interview with the Wall Street Journal, the Treasury secretary says the big banks are safer now because "they're running with much less leverage," greater liquidity,...

AIG Chief Takes Holiday After 2 Days on Job

(Newser) - Robert Benmosche has been at the head of AIG for 48 hours now, so naturally it's time for a vacation. The new CEO of the four-times-bailed-out insurer is leaving for his 8,000-square foot villa on the Adriatic for the next two weeks. "It’s probably not a propitious...

Judge Slams 'Lying' BofA, Merrill Over $3.6B Bonuses

(Newser) - The judge who has refused to sign off on Bank of America's settlement with the SEC over $3.6 billion in bonuses paid to Merrill Lynch delivered a stinging rebuke to both parties in a hearing yesterday, the New York Times reports. The firms "effectively lied to their shareholders"...

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