Mutual funds silent on banks’ pay rises Despite big payouts amid profit drop, major shareholders stay mum

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Despite public outcry at banker pay rises during a troubled market, mutual fund firms that are among the biggest shareholders of financial companies have been mostly silent on the matter. One recent example is the lack of reaction to investment bank Lazard Ltd. (NYSE:LAZ), which said on Feb. 3 that its compensation and benefits rose substantially in 2009 against a roughly 95% drop in profits.

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