Archive for October 16th, 2009

Czar Blocks BofA Chief’s Pay

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Published in The Wall Street Journal October 16, 2009 by Deborah Solomon and Dan Fitzpatrick 
The Treasury Department’s pay czar pushed outgoing Bank of America Corp. Chief Executive Kenneth D. Lewis into giving back about $1 million he received so far this year and forgoing the rest of his $1.5 million salary for 2009, say people familiar with the matter.
The move makes Mr. Lewis the biggest target so far of Kenneth Feinberg, the Treasury’s “special master” for compensation. He also asked that Mr. Lewis pass up any 2009 bonus from the Charlotte, N.C., bank.

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Bonuses Put Goldman in Public Relations Bind

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Published in The New York Times October 16, 2009 by Graham Bowley


A celebrated Goldman Sachs partner, Gus Levy, coined the maxim that long defined the bank, the savviest and most influential firm on Wall Street: “Greedy, but long-term greedy.”

But these days that old dictum is being truncated to just “greedy” by some Goldman critics. While many ordinary Americans are still waiting for an economic recovery, Goldman and its employees are enjoying one of the richest periods in the bank’s 140-year history.

 

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