Archive for August 10th, 2009

The Pay Crackdown

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http://www.time.com/time/magazine/article/0,9171,1913766,00.html

Published in Time August 10, 2009 by Justin Fox

Kenneth Feinberg, the Washington lawyer who had the thankless job of figuring out how to compensate victims of the Sept. 11 attacks, is now hard at work — as a “special master” appointed by the Treasury Secretary — figuring out how to compensate employees of corporations bailed out by taxpayers since last fall. The House and Senate are crafting legislation that includes “say on pay” shareholder votes on executive-comp packages and (in the House version) calls for regulators to vet incentive pay at financial firms on an ongoing basis. The Securities and Exchange Commission is for the first time attempting to claw back pay from an executive not because he did something wrong but because his company’s earnings were improperly inflated by other execs.

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Effort to Rein in Pay on Wall Street Hits New Hurdle

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Published in The New York Times August 10, 2009 by Eric Dash 

A guaranteed bonus might strike many people as a contradiction in terms. But on Wall Street, banks have become so eager to lure and keep top deal makers and traders that they are reviving the practice of offering ironclad, multimillion-dollar payouts — guaranteed, no matter how an employee performs.

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Pace of Job Losses Sets Stage for Quick Labor-Market Rebound

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Published in The Wall Street Journal, August  10, 2009 by Justin Lahart

The rapid pace at which businesses shed jobs during the recession comes with a flip side: Workers will need to be hired back quickly as the economy improves.

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Apparently Avarice is NOT Always Poor – Sorry, Samuel Johnson

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expert perspective telescopeExpert Perspective by Grahall’s OmniMedia Editorial Board

Grahall’s Garry Rogers, in a recent Editorial Board meeting, observed that this recession was born of and fueled by greed.  And now it is those highest paid executives, in some cases even the greediest and perhaps most responsible for the recession, for whom the future looks brightest.  Right now recovery seems to be limited to organizations’ top tier employees.   For the average American, the bill collector  still blocks the light at the end of the tunnel. Wages and benefits remain low.
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You Don’t Say! (Stay Tuned on Exec Pay …)

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Expert Perspective by Grahall’s OmniMEdia Editorial Board

expert perspective telescopeArticles in both The New York Times “House Approves Limits on Executive Pay” by Andrea Fuller and Wall Street Journal  “House Passes Bill to Curb Executive Pay” by Michael R. Crittenden covered the not-too-surprising passage (237 to 185) of a House bill taking aim at executive compensation. “Most lawmakers voted along party lines” with 235 Democrats and 2 Republicans “for” and 169 Republicans and 16 Democrats “against” (NYT).
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Summer Slide

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Expert Perspective by Grahall’s OmniMedia Editorial Board

expert perspective telescopeA May 26, 2009 article posted by Nancy Twigg in knoxnews.com discusses an alarming problem that summer heralds: The Summer Slide. She says: “Although it sounds like some kind of toy, educators use the phrase to describe the dangerous loss in skills that occurs during the months of summer vacation.” 

Let’s see, besides students and educators, who else goes on an extended vacation in the summer?  You got it – CONGRESS!  
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Too Successful to Succeed?

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Executive Perspective by Robert Cirkiel and Garry Rogers

expert perspective telescopeThe recent article in the Wall Street Journal by Joe Bel Bruno titled “Goldman Pay, Trading Probed” got our Editorial Board blogging.  Mr. Bruno’s article states: “Goldman Sachs Group Inc.’s second-quarter results might have attracted some unwanted attention from the government. The investment bank said Wednesday in a regulatory filing that the government has launched investigations into pay practices and credit-derivatives trading. Goldman said it was cooperating with the request, but declined to give further details.”
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We’ll Reserve Judgment

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Expert Perspective by Grahall’s OmniMedia Editorial Board

 

expert perspective telescopeIt may be easy to blame Goldman Sachs these days for just about any problem.  Don’t like your stock portfolio? It’s Goldman’s fault.  Don’t like that foreclosure on your home? It’s Goldman’s fault!  Don’t like the government?  Well, so many ex-Goldman executives hold elected and appointed positions some think we might be living in the United States of Goldman. 
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