Posts Tagged ‘Wall Street pay’

No Lessons Learned on Wall Street

by  

No Comments | Share/Save

Published in The New York Times November 24, 2009 by Albert R. Hunt 

Let’s stipulate: Lloyd Blankfein and Jamie Dimon are enlightened, broad-gauge chief executive officers, among the finest in the world.
Their firms, Goldman Sachs and JPMorgan Chase, are indispensable in raising capital for companies, creating wealth. They’ve paid the government assistance money received in the financial crisis and are showing record profits today. Finally, I am no expert on the ways of Wall Street.
Still, if Goldman and JPMorgan hand out record bonuses next month — reportedly they’re planning more than $20 billion combined — in this economic and political climate, it will underscore why, whatever their Wall Street colleagues think of them, they are hated by Main Street.
The leading edge of this anger could be seen in Congress last week when Treasury Secretary Timothy F. Geithner faced calls to resign. One lawmaker said he should never have been hired.

Link to full article

Filed under: Newsfeeds



Demonizing Goldman Leaves Wall Street Off the Hook

by  

No Comments | Share/Save

http://www.huffingtonpost.com/georges-ugeux/demonizing-goldman-leaves_b_365663.html
Published in Huffington Post November 20, 2009 by Georges Ugeux
Demonizing Goldman Leaves Wall Street Off the Hook
This week’s favorite game was attacking Goldman Sachs for its outrageous compensation system, including expectations that the total bonus package for its employees might reach $ 22 billion. There is no doubt that, by any standards, such an amount is a record number per employee with $750,000 tying some of Goldman’s highest payout years in recent memory. What this really does is create the real situation where never in history has the distance between Wall Street and Main Street been wider, and more shocking

Published in Huffington Post November 20, 2009 by Georges Ugeux

This week’s favorite game was attacking Goldman Sachs for its outrageous compensation system, including expectations that the total bonus package for its employees might reach $ 22 billion. There is no doubt that, by any standards, such an amount is a record number per employee with $750,000 tying some of Goldman’s highest payout years in recent memory. What this really does is create the real situation where never in history has the distance between Wall Street and Main Street been wider, and more shocking.

Link to full article

Filed under: Newsfeeds



Another View: Unintended Consequences on Wall St.

by  

No Comments | Share/Save

http://dealbook.blogs.nytimes.com/2009/11/19/another-view-unintended-consequences-on-wall-st/?ref=business
November 19, 2009, 10:23 am
Another View: Unintended Consequences on Wall St.
Peter J. Solomon, the chairman of the Peter J. Solomon Company, looks at Wall Street’s compensation and the unintended consequences of the banking bailout.
Excessive Wall Street compensation illustrates the law of unintended consequences. To stabilize the global financial system, the Federal Reserve, the Treasury Department, independent agencies and Congress acted to bail out banks and securities firms, guarantee deposits and commercial paper, and allow institutions still standing to convert to bank holding company status, thus opening the Fed window and flooding the world with liquidity lowering interest rates.

Published in The New York Times November 19, 2009 by Peter Solomon

Peter J. Solomon, the chairman of the Peter J. Solomon Company, looks at Wall Street’s compensation and the unintended consequences of the banking bailout.

Excessive Wall Street compensation illustrates the law of unintended consequences. To stabilize the global financial system, the Federal Reserve, the Treasury Department, independent agencies and Congress acted to bail out banks and securities firms, guarantee deposits and commercial paper, and allow institutions still standing to convert to bank holding company status, thus opening the Fed window and flooding the world with liquidity lowering interest rates.

Link to full article

Filed under: Newsfeeds



Risk vs Reward

by  

No Comments | Share/Save

Expert Perspective from Grahall’s OmnniMedia Editorial Board

expert perspective telescopeA Reuters article published on November 6, 2009 titled Pay cuts should not be limited to Wall St  quotes Elizabeth Warren stating: “In my view, it’s not just lower pay on Wall Street, there’s a larger corporate governance issue at stake here.”  She is further quoted as saying “regulators should not be singling out one industry or even one set of companies.”

Certainly good corporate governance is (or should be) a universal goal of boards regardless of industry.
Continue reading “Risk vs Reward” »

Filed under: Expert Perspective