Markets

AIG Warns Employees: Don’t Go Outside During The Protest

So, you know that that protest that is starting at Goldman Sachs and then marching around the financial district? It really has AIG shaken up. Our friends at DealBreaker have obtained a memo in which AIG warns employees to batten down the hatches, close the blinds and bar the door.
AIG Warns Employees: Don’t Go Outside During The Protest
Markets

House Passes 90% Bonus Tax!

The bill to levy a 90 per cent tax on bonuses at bailed out firms was overwhelmingly approved by Congress today. The measure, drafted hastily yesterday, got little public discussion and few people have actually seen the text of the bill.
House Passes 90% Bonus Tax!
Markets

How AIG Destroyed The World

If you haven’t been following the AIG story as closely as we have, and you’re unsure of how the firm managed to find itself in such a mess, our own John Carney has written the best account of it over at The American Conservative. Do check it out:
How AIG Destroyed The World
Markets

Protest Outside Goldman Sachs Today At 4:00 PM

Outraged over the fact that the “AIG (AIG) bailout” was just a backroom deal to prop up Goldman Sachs (GS)? Now’s your chance to let the world know, and we’re not just talking about letting the world know in the comments section of Clusterstock.
Protest Outside Goldman Sachs Today At 4:00 PM
Markets

House Set To Vote On 90% Bonus Tax

Congress is set to vote today on a plan to impose a 90 per cent tax on bonuses paid by any company getting more than $5 billion in federal bailout funds. The idea was sparked by the outrage over AIG bonuses but lawmakers decided to expand it to cover any […]
House Set To Vote On 90% Bonus Tax
Markets

AIG’s Appalling Trader’s Option

We’ll admit that we’ve been sceptical about the argument that AIG’s financial products teams need to be retained because they are the only people capable of understanding the credit default swaps safely hedged as they are well down. Are these things really so complex that AIG couldn’t hire some of […]
AIG’s Appalling Trader’s Option
Markets

Defending The AIG Bonuses

A friend who used to work at a major Wall Street investment bank writes in to say we’re wrong on the AIG bonus issue. While he hasn’t convinced us, we think he makes some powerful arguments and wanted to share them with you.
Defending The AIG Bonuses
Markets

Judge Says Merrill Can’t Keep Its Bonus Names Secret

The New York state judge overseeing the fight over bonuses between Attorney General Andrew Cuomo and Bank of America ruled on this afternoon that the names of executives who received 2008 bonuses at Merrill Lynch are not a trade secret and could be made public.
Judge Says Merrill Can’t Keep Its Bonus Names Secret
Markets

Found! Another AIG Bonus Villain!

AIG doesn’t want you to know the names of the executives in its Financial Products division who got huge bonuses paid for with taxpayer bailout bucks. But we don’t care what AIG thinks. We think you should know.
Found! Another AIG Bonus Villain!
Markets

AIG Bonus Winners–Revealed!

AIG may not want to reveal the names of its biggest bonus recepients in the Financial Products group, but it was really only a matter of time before the names came out. The New York post revealed three names this morning–James Haas, Douglas Poling, and Jonathan Liebergall. All three declined […]
AIG Bonus Winners–Revealed!
Markets

AIG Chief Testifies To Congress

Edward Liddy, the chief of AIG, will be delivering this testimony to Congress today. It runs 53 pages. We read it–well, we skimmed it–so you don’t have to. The highlights:
AIG Chief Testifies To Congress
Markets

Geithner Caves On AIG Bonuses, Defends Liddy

Tim Geithner is now completely on the defensive.  In a long letter to Nancy Pelosi, he explained how and why he approved the AIG bonuses (troubling) and described a plan to “recoup” them. The letter will not likely stop the growing chorus of criticism that may well drive Geithner out […]
Geithner Caves On AIG Bonuses, Defends Liddy
Markets

Citi Paying New Hires Millions In Signing Bonuses

The practice of using taxpayer dollars to trap top financial talent inside of zombie banks continues despite the public outrage and political backlash. It seems banks will stop at nothing to make sure that they capture as much of the bailout dollars for the personal benefit of their employees.
Citi Paying New Hires Millions In Signing Bonuses
Markets

Did John Thain Give Big Bonuses To Losers?

A Wall Street guessing game has grown up around the mystery of why Bank of America is fighting so hard against revealing the names of the recepients of the billions in bonuses Merrill Lynch gave out shortly before the merger on December 31st. Since the bonuses were made before the […]
Did John Thain Give Big Bonuses To Losers?
Markets

Cuomo To Merrill: Liar! Liar!

It looks like Andrew Cuomo finally found Eliot Spitzer’s playbook in the desk drawer of the Attorney General’s office. After weeks of investigation and speculation that it might all amount to nothing, Cuomo has come out swinging. From the Wall Street Journal:
Cuomo To Merrill: Liar! Liar!
Markets

How Bill Lerach Would Claw Back Bank Bonuses

Former Clinton Administration staffer Matt Miller wrote Bill Lerach in prison and got a letter back outlining how the convicted class-action agitator would sue the banks to recover bonus loot. And as a bonus to Obama, he’d do it for free.
How Bill Lerach Would Claw Back Bank Bonuses
Markets

50% Chance NYC Will Default On Its Debt In 5 Years

Even if the economy stabilizes a little, it’s really hard to see how New York is going to solve its budget woes, given the collapse of Wall Street, big media and real estate. A combination of a bad economy, lower public services and higher taxes could make the city toxic […]
50% Chance NYC Will Default On Its Debt In 5 Years
Markets

The Coming Wall Street Battle

On CNBC Reports on Friday, post-Kudlow, we did a short segment on the future of Wall Street and how smaller firms are well-positioned to take advantage of the financial meltdown. Boutiques such as Evercore, Lazard and Greenhill are in a nice spot, but there’s no denying that big corporate clients […]
The Coming Wall Street Battle
Markets

Manhattan Condo Buyers Walk Away From $1 Million Down Payments

Here’s another disturbing indicator of a coming cliff-dive in the New York real estate market. Buyers are getting so nervous that they’re leaving huge deposits on the table just so they can get out of new purchases. We’re not talking $100,000 or $200,000 deposits either
Manhattan Condo Buyers Walk Away From $1 Million Down Payments
Markets

The Manhattan Real Estate Dam Is About To Burst

We wanted to highlight some of the excellent comments from our ongoing discussion about the future of Manhattan real estate, an issue that really affects the whole country given how much wealth is tied up here.
The Manhattan Real Estate Dam Is About To Burst
Markets

Unsold Manhattan Condos Are Piling Up

Yesterday we posted a straightfoward chart plotting Manhattan apartment prices against Wall Street bonuses, a vivid picture of how the two marched together. Now, of course, bonuses are falling off a cliff. A Manhattan real estate insider passes along more info from the ground, showing the unsold inventory is soaring. […]
Unsold Manhattan Condos Are Piling Up
Markets

Hmm, Wonder What’ll Happen To Manhattan Condo Prices

In our discussion on the national housing market, a reader sent us this wonderful chart of Manhattan condo prices vs. Wall St. bonuses. It sure looks scary. Sure, in 2001-2002, prices kept on rising, even as bonuses fell, but that’s when the Feds turns on the national money spigot and […]
Hmm, Wonder What’ll Happen To Manhattan Condo Prices
Markets

’08 Wall Street Bonuses Even More Than $18.4 Billion?

2008 sucked, but Wall Street still paid out $18.4 billion in bonuses last year. Except only it was more. WSJ’s indespensible Number’s Guy Carl Bialik has a good piece on how these numbers are calculated (poorly) and why the initial figures tend to underestate the final amount:
’08 Wall Street Bonuses Even More Than $18.4 Billion?
Markets

US Government Tries To Smash Swiss Banking Secrecy

If the Swiss thought their system of secret banking took a serious blow this morning when UBS agreed to hand over the names of a few hundred US clients, they ain’t seen nothing yet. Today US prosecutors filed a law suit seeking the identities of tens of thousands of US […]
US Government Tries To Smash Swiss Banking Secrecy
Markets

Fed Told Prosecutors To Lay Off Of Swiss Bank

As we mentioned this morning, UBS surprisingly capitulated yesterday to the demands of US prosecutors to release the names and account numbers of clients, breaking the centuries long tradition of Swiss banking secrecy. But what may be even more surprising is how small the fines UBS agree to pay. And […]
Fed Told Prosecutors To Lay Off Of Swiss Bank
Markets

Wall Streeters Aren’t The Only Ones Who Get Bonuses

The NYT helpfully reminds us today that Wall Street employees aren’t the only people in America who get bonuses. In a range of industry, the end-of-year performance award can be a significant part of one’s compensation. Even teachers and middle-range tech guys.
Wall Streeters Aren’t The Only Ones Who Get Bonuses
Markets

How To Avoid The Pay Limits In Three Easy Steps

There’s a specter haunting the stimulus bill: the specter of pay caps. The nightmare scenario envisioned by many is that the pay caps included in the stimulus bill Barack Obama is scheduled to sign into law any minute now will amount to a war on talent, driving the best and […]
How To Avoid The Pay Limits In Three Easy Steps
Markets

Hey! Maybe Those Pay Limits Aren’t So Bad…

This morning we ran Lucian Bebchuck’s case against the new limits on compensation at financial firms that take bailout bucks. Bebchuck makes a persuasive case that the new limits foisted on Obama’s stimulus bill will be both unfair and counter-productive: they may actually convince bankers to risk their firms by […]
Hey! Maybe Those Pay Limits Aren’t So Bad…
Markets

Wrong Way To Cap Pay

Of course it is outrageous for bankers, brokers and traders to claim enormous bonuses while their companies operate on taxpayer life support. But working out the right way to limit Wall Street pay is important. It’s a lesson we’ve learned again and again through our economic crisis: it’s not enough […]
Wrong Way To Cap Pay
Markets

Good News: BofA Bankers Won’t Have To Wait For Their Bonuses

Bank of America (BAC) has reversed course on a controversial decision to delay paying bonuses to its i-bank employees for several years until the financial crisis is over. This obviously went down horribly internally as a) people don’t like not getting paid and b) many Merrill Lynch employees made out […]
Good News: BofA Bankers Won’t Have To Wait For Their Bonuses
Markets

How Much Money Did The Banking CEOs Make Today?

This kind of analysis is always a little silly, though you do have to wonder whether these highly paid banking CEOs had something better to be doing on the shareholder’s (and taxpayer’s) dime than sitting in front of a bunch of know-nothing Congressional blowhards.
How Much Money Did The Banking CEOs Make Today?
Markets

Will Pay Caps Encourage Greater Risk Taking?

The pitchfork crowd may be pleased with the new pay caps on companies taking exceptional assistance from the government, but as WSJ’s Jason Zweig, there’s a little something called the law of unintended consequences that may make us regret or our desire for justice.
Will Pay Caps Encourage Greater Risk Taking?
Markets

UBS Cancels Bonuses, Introduces Clawbacks

UBS (UBS) is getting medieval with its compensation for top managers, according to CNBC. The bank will give no bonuses this year, and future bonuses will be subject to a severe clawback. If the company reports a loss in any of three years following the bonus, the employees lose the […]
UBS Cancels Bonuses, Introduces Clawbacks
Markets

NYC Bankers Got $18.4 Billion In Bonuses For 2008

Wall Street banks paid out $18.4 billion in bonuses for 2008 to New York City employees, a 44% dip from the $32.9 billion doled out in 2007, according to New York state comptroller Thomas Napoli. These bonuses, of course, were paid for by US taxpayers, whose TARP money helped keep […]
NYC Bankers Got $18.4 Billion In Bonuses For 2008
News

More Digital Sales=A Bonus For Edgar Bronfman

Thanks to increased digital revenues, Warner Music Group was able to give its CEO Edgar Bronfman and his second-in-command Lyor Cohen $3 million bonuses in 2008, according to WMG’s recent proxy filing.
More Digital Sales=A Bonus For Edgar Bronfman
Markets

Paying Bankers: Still A Problem From Hell

It’s a problem from Hell.  Taxpayer funds have been promised to support banks around the world in hopes that the banks will make loans that will ameliorate the global economic depression. But taxpayers are understandably outraged when bank executives receive huge bonuses and salaries that, in the last analysis, are […]
Paying Bankers: Still A Problem From Hell
News

Three-Month Merrill Employee Peter Kraus Buys $37 Million Apartment

Investment banker Peter Kraus, formerly of both Merrill Lynch and Goldman Sachs, shocked Wall Street a couple of weeks ago when he ditched his new employer, Merrill, after three mere months of employment. But he got a nice check for his time: $25 million. No word how much the new […]
Three-Month Merrill Employee Peter Kraus Buys $37 Million Apartment
Markets

AXA Gives Axe To Bonuses, Chops Salaries

And finally we’ve got some non-Citigroup Is Burning news to share. AXA financial, the US arm of the global financial conglomerate, is eliminating bonuses this year and reducing salaries by 20% in 2009, according to a source familiar with the memo. We’re not sure how widespread these cuts are at […]
AXA Gives Axe To Bonuses, Chops Salaries
« Previous Page