The six largest U.S. banks hand out as much as $149 billion for bonuses, all benefits and other compensation for 2009
By Daniel at 21 December, 2009, 1:36 am
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The bankers are so greedy and arrogant they are not paying attention to the angry mob of millions who want to lynch them.
Should be interesting to watch - once the hunt begins in earnest, and the majority of the world will rightly not have any sympathy for the banksters and their new found plight.
Never in the history of mankind has a subset of humanity so richly deserved to be punished.
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And they’re on course to pay out almost as much as they did in 2007, at the peak of the credit boom, when the financial sector wasn’t propped up with hundreds of billions of dollars in government money.
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“It’s shocking how little change there’s been,” said William Cohan, a former investment banker and author of “House of Cards: A Tale of Hubris and Wretched Excess on Wall Street,” which chronicles the collapse and bailout of Bear Stearns.
“We had an opportunity to realign incentives and get real skin in the game,” he added. “But that has not happened.”
However, there are early signs of a shift in pay policies at some financial institutions like Goldman as they try to quell public outrage and head off more draconian government restrictions on the sector’s main tool for recruiting and retaining talent.
“Some decisions are being made one step ahead of the posse, but that’s how positive change is made in many cases,” said Michael Oxley, former Republican chairman of the House Financial Services Committee who helped create the Sarbanes-Oxley Act to crack down on corporate fraud earlier this decade. “This is a glacial kind of movement but clearly movement has been made.”
http://www.marketwatch.com/story/wall-street-pay-reform-glacial-despite-outrage-2009-12-21
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