Posts Tagged ‘Economic Crisis’

5 myths about Wall Street pay days

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Published in The Washington Post October 25, 2009 by Roy C. Smith
The financial crisis is now more than a year old, and Americans are still angry — angry that the economy tanked, angry that they’re out of work. But mostly, people seem outraged by Wall Street bonuses. Seeking to assuage that ire, the Obama administration’s “compensation czar,” Kenneth Feinberg, last week announced plans to cut the pay of top executives at the seven companies receiving federal support through the Troubled Assets Relief Program. He has suggested that the cuts, which slashed pay for top executives by an average of 50 percent, should be a model for the rest of Wall Street and corporate America. In outlining the change, Feinberg has had to grapple with several misconceptions about Wall Street bonuses — myths that have circulated since the beginning of the crisis.

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More Americans plan to delay retirement: surveys

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Published in Reuters October 22, 2009 by Ross Kerber
More Americans plan to delay retirement following steep drops in the value of their savings accounts, data from several new surveys show.
A study to be released on Thursday by Canadian insurer Sun Life Financial Inc found 65 percent of U.S. workers plan to stay on the job at least one more year than planned, an 11 percentage point increase from a similar survey in January.

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Steep Losses Pose Crisis for PensionsTwo Bad Choices for Funds: Cut Benefits Or Take Greater Risks to Rebuild Assets

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Published in The Washington Post October 11, 2009 By David Cho

The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees.

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CEO pay immune from reality

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Published in Management Issues September 20 , 2009 by Brian Amble 

Between 2007 and 2008, the US stock market fell by 37 per cent and 2.6 million American jobs disappeared. Amid the economic chaos, the vast majority of companies performed far worse in 2008 than they did 2007 and many of their staff suffered the consequences.

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Beyond the Bubble As Riches Fade, So Does Finance’s Allure

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Published in The Wall Street Journal September 18, 2009 by Lisa Bannon

Gordon Jones, who spent 26 years on Wall Street selling stocks and convertible securities, updated an education degree and now teaches math at Greenwich High School in Connecticut. ‘I’ve been completely energized,’ the 54-year-old says. ‘I’m having the time of my life with these kids.’

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Goldman’s big rebound raises some eyebrows

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Published in USA Today September 15, 2009 by Pallavi Gogoi

On a clear day, Lloyd Blankfein can look through the windows of his office on the 30th floor at the tip of Manhattan and see the Linden housing project in the East New York section of Brooklyn. That’s the rough neighborhood where he grew up, the son of a mail sorter at the local post office. 

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Employees Believe Productivity Negatively Impacted by Layoffs

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Published by World at Work August 27, 2009

Nearly half (40%) of employees whose workplace experienced layoffs in the past year feel that the overall productivity of their organization has been negatively impact, according to a survey commissioned by The Workforce Institute.

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CEO Pay: Is It Still Out of Sync?

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Published in Business Week August 26, 2009by Nanette Byrnes and Jena McGregor

Even in the midst of painful downsizings, many boards are handsomely rewarding bosses

It has been a tough year for the American worker, with unemployment hovering near 10% and cuts in pay or benefits for many of those who still have their jobs.

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Knotting the purse-strings

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Published in The Economist 

Washington’s politicians have relished the many chances to fulminate against reckless executives presented by the economic crisis, and to restrain them with regulation. Congress took advantage of the bail-out to impose caps on bonuses paid by banks taking money from the state. The uproar over bonuses paid to executives at American International Group, a rescued insurer, prompted further legislation. And on July 31st the House of Representatives took up the subject again, passing a bill that would regulate pay at all listed firms—especially big financial ones.

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The Great Recession: A Downturn Sized Up

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Published in the Wall Street Journal July 28, 2009 by Justin LaHart

What makes the current recession so bad? Other downturns have been more painful by some measures, but none since World War II has delivered so many severe blows to the economy at the same time.

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