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Author Topic: For top bonuses on Wall Street, 7 figures or 8?  (Read 3127 times)
LyricFox
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« Topic Start: January 09, 2010, 10:36:28 pm »

For top bonuses on Wall Street, 7 figures or 8?
Despite calls for restraint, payouts may rival those of the boom years

Everyone on Wall Street is fixated on The Number.

The bank bonus season, that annual rite of big money and bigger egos, begins in earnest this week, and it looks as if it will be one of the largest and most controversial blowouts the industry has ever seen.

http://www.msnbc.msn.com/id/34784964/ns/business-the_new_york_times/
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« Reply #1: January 10, 2010, 04:14:01 am »

For top bonuses on Wall Street, 7 figures or 8?
Despite calls for restraint, payouts may rival those of the boom years

I would spit, except the amount of saliva required to express my contempt would drown an ark.
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« Reply #2: January 10, 2010, 04:20:21 am »

I would spit, except the amount of saliva required to express my contempt would drown an ark.

I would do something similer, but can't for the same reasons.  Also, for me to do it I would probably would have to drink the contents of the Atlantic Ocean.

I wonder if these people even know why everyone hates them.  If they do then they obviously don't care.  After all, they are to busy sitting in their ivory towers snorting diamonds like crack.
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« Reply #3: January 10, 2010, 04:28:20 am »

I would do something similer, but can't for the same reasons.  Also, for me to do it I would probably would have to drink the contents of the Atlantic Ocean.

I wonder if these people even know why everyone hates them.  If they do then they obviously don't care.  After all, they are to busy sitting in their ivory towers snorting diamonds like crack.

They are the kind of people that are oblivious to everything except what they want. You really could just kill them for a hobby. (I wonder if we could kill them, resurrect them and kill them all over again?) I don't think that they know or care what people think of them. As long as they have their own way, what does it matter what the 'normal/common' people think? I really dislike these people!  Angry
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« Reply #4: January 10, 2010, 08:15:08 am »

(I wonder if we could kill them, resurrect them and kill them all over again?)

In an old SF novel I read many years ago, people were reincarnated. Criminals could be sentenced to a number of deaths. Where an executed criminal under sentence of more deaths was reborn, he or she would have the criminals memories restored, be jailed until they were old enough to execute again, and then executed again for their crime. Unfortunately, we can't do that.

Personally, I'd just limit bonuses by law to 10 or 20 percent of one's base salary.  This would still allow companies to reward their employees for a successful year, but stop the excess.  In publicly-held companies, I have the law say that bonuses could only be given in profitable years as well when stockholders get a dividend as well.
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« Reply #5: January 10, 2010, 09:00:33 am »


Personally, I'd just limit bonuses by law to 10 or 20 percent of one's base salary.  This would still allow companies to reward their employees for a successful year, but stop the excess.  In publicly-held companies, I have the law say that bonuses could only be given in profitable years as well when stockholders get a dividend as well.


I'm actually not against obscene payouts in themselves, because I understand they do serve some purpose in wealth creation and as an incentive. What gets me is that big-time bonuses aren't matched by big-time accountability. Whatever their size, as I understand it the problem with bonuses, especially in the financial sector, is that they're rewards for short-term performance regardless of the long-term consequences.

I'd be happy for bankers to get fat while everything else is going well, but if things are not going well then they need to be the first to feel it. How feasible it would be to track individual bankers' performances I don't know, but it can't be too difficult to implement a rough system where if you've worked x years in finance, been involved with y big deals and made z big bucks, you then become accountable during the next recession. At the very least that'd encourage the ones who aren't willing to put their money where their mouths are to leave.

Alternatively, I don't see why more creative punishments can't be reinstated. Branding might be a bit much, but it'd be nice to have something which could let everyone else know who you are and what you do/did, so they can shun you. Money's no good if you can't spend it.
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« Reply #6: January 10, 2010, 09:16:09 am »



Personally, I'd just limit bonuses by law to 10 or 20 percent of one's base salary.  This would still allow companies to reward their employees for a successful year, but stop the excess.  In publicly-held companies, I have the law say that bonuses could only be given in profitable years as well when stockholders get a dividend as well.


Limiting the bonus, by either dollars or as a relatively low percentage of base pay, will result in higher base pay. Especially for upper level types or for people with senority.

Tieing bonus to profitability might work, but in a company that has a couple of down years, the folks that do the turn around by greatly increasing profitable sales might jump ship early instead.

Treekisser has the right issue. It's accountability, especially over the longer term. Although the uproar about AIG bonuses last year has killed that idea. That re-enforced the idea of take the money and run.
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« Reply #7: January 10, 2010, 10:10:47 am »

Treekisser has the right issue. It's accountability, especially over the longer term. Although the uproar about AIG bonuses last year has killed that idea. That re-enforced the idea of take the money and run.

I think that pretty well nails it, Peter.

That and the fact that for most of us who have worked in companies that give bonuses, bonuses are given when the company does well that year. It's not an automatic "gimme." If the company does well, bonuses aren't a problem. If the company is going bankrupt or has rotten sales or has to be bailed out, giving bonuses is absolute obscene.
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