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Wall Street Plays Tricks with Bonuses
Published on July 10, 2009 By MinionMonitor In Current Events

And the rich get richer, again. 

While Minions worry about money for Retirement (53%) and the next meal (42%), Wall Street/Greed Street is boosting compensation to near record levels.  Goldman Sachs will dole out an average of $700k per employee — twice the payout from last year.  And CitiBank, a TARP recipient, is boosting employees base pay by up to 50%.  But how can that be?  Didn’t the Obama administration impose pay limits on companies that received TARP assistance?  Yes and no.

The administration issued regulations in June that limited bonuses to no more than a third of annual salaries.  But it didn’t impose regulations on base salaries.  So bonuses are going down and base compensation is going up. 

So you run into Citi’s CEO at a BBQ.  Go ahead and dream for a minute.  Got any feedback you’d want him to hear? 


Comments (Page 2)
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on Jul 14, 2009

AldericJourdain

And if that's the case, this is one of those times. See, I'm hoping you're not like that, because I've been reading some of your stuff here and there, and you seem pretty intelligent


 

What does intelligence have to do with any of that? Wow, that totally came across as a comment worth the big asshole award. Geez.

 

 

I say that because I'm actuallly hoping he's intelligent enough to realize that I'm not making any racist comments, and intelligent enough NOT to be one of those kinds of people. See? Although, all he (she?) does in reply to my post is quote Shakespeare, not really explain his (her?) position. 

Geez.

on Jul 14, 2009

I say that because I'm actuallly hoping he's intelligent enough to realize that I'm not making any racist comments, and intelligent enough NOT to be one of those kinds of people. See? Although, all he (she?) does in reply to my post is quote Shakespeare, not really explain his (her?) position.

Geez.

 

Granted, his comment wasn't constructive by any means.

on Jul 14, 2009

I say that because I'm actuallly hoping he's intelligent enough to realize that I'm not making any racist comments, and intelligent enough NOT to be one of those kinds of people. See? Although, all he (she?) does in reply to my post is quote Shakespeare, not really explain his (her?) position.
If you meant nothing by the *you people* comment then the simplest and most logical thing to say was something to the effect that you didn't mean it that way even though that particular turn of a phase was perhaps not your best choice of words. That would have pretty much been the end of the story.

However instead you chose to respond with the implication that anyone that could possibly take what you said in a negative light must be lacking in intelligence, be overly sensitive and/or literal, and, be of questionable masculinity.

The point of the quote is that the greater the vehemence of the denial, the less likely that denial is to be true.

As far as my position on the OP let’s just say that I sympathize far more with people that are concerned about being able to save enough money for retirement than I am about bonuses and raises to highly paid executives of companies that received TARP assistance. But this is just an expression of the basic difference between how I view things versus the bias typically expressed on this site.

The funny thing is that I suspect that of those that are so protective of the rights of the “rich” to become “richer”, the predominate group are those that hope to some day be rich but in reality have no real chance at achieving it as opposed to those that are, or actually may become rich, whereas I’m more protective of what I consider to be the “middle class” even though my income makes me what many would consider rich. Ironic heh?

on Jul 15, 2009

"questionable masculinity."--mumble

I said this because I really don't know your gender; I haven't really been paying that close attention.

As to everything else, no....there was no racism intended. I personally see nothing wrong with people being rich, and don't question the possibility that someone could, still, become so. Look at that amoral goofball who started the "Girls Gone Wild" series; not exactly a rags to riches tale, but fairly close. All you still have to do is work at it; either apply yourself and make the effort in an established field, or happen to find some marketable service or product, and apply yourself there. Of course, here in the next few years, even that avenue could be closed.

My problem was that, from two completely innocuous words, "you people", you seemed to brand me as a racist. I know people like that; I work with such a woman. A very rude, self-serious black lady, always looking for reasons to be offended; and that irritates me. In my experience, people who do so are "of questionable intelligence".

on Jul 15, 2009

My problem was that, from two completely innocuous words, "you people", you seemed to brand me as a racist.
I don't recall ever using the term racist here. It seems that you intuited as much simply from my repetition of your two innocuous words. It seems that perhaps they aren't quite as innocuous as you pretend.

You clearly are struggling to make your arguments convincing, if you keep trying perhaps you will be successful in convincing yourself.

on Jul 16, 2009

RW you're being baited, you don't have to play the semantics game.

on Jul 16, 2009

Nitro Cruiser
RW you're being baited, you don't have to play the semantics game.

Yeah; I guess you're right. I was playing along, trying to give mumbles credit, thinking maybe we just weren't connecting here, but.....

Thanks, Nitro, for reminding me that some people just aren't worth the effort.

on Jul 16, 2009

Thanks, Nitro, for reminding me that some people just aren't worth the effort.

NP. I'm not coming down on anyone, everyone here has their own style of banter, that's cool. it's up to the individual to roll with it or not.

on Jul 16, 2009

RW you're being baited, you don't have to play the semantics game.

 

*sighs* That really comes across as such a cop-out. Why not address it? Debate and discuss much anyone...?I didn't realize forums were for ideological pats on the backs.

 

Be well, ~Alderic

 

 

 

on Jul 17, 2009

*sighs* That really comes across as such a cop-out. Why not address it? Debate and discuss much anyone...?I didn't realize forums were for ideological pats on the backs.

What's to debate? It's off topic and rude to hijack someone else's article for such purpose. I realize some enjoy the sideshows, but their jollies don't need to take priority.

on Jul 17, 2009

What's to debate? It's off topic and rude to hijack someone else's article for such purpose. I realize some enjoy the sideshows, but their jollies don't need to take priority.

 

Mmm, I just felt it was on topic because it was concerning the structure of the debate. *shrugs* Whatever.

on Jul 17, 2009

The administration issued regulations in June that limited bonuses to no more than a third of annual salaries.  But it didn’t impose regulations on base salaries.  So bonuses are going down and base compensation is going up.

Excellent.

That makes the compensation system more transparent.

So what's the problem now? Obama did something useful and now the left are angry at him too?

 

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