Bankers' Pay Soars As Firms Aim To Halt Talent Exodus

Financial Times:

Wall Street names that have been among the most buffeted in recent months - Merrill Lynch, UBS and Citigroup - are hiking pay for their top investment bankers in an attempt to stop an exodus of talent.

Read the whole story: Financial Times

Comments

[PhilipTaylor]

SEC what a JOKE!

Why have they not investigated the following:

1. Manufactured Insider Trading by the Wall Street Banking Executives and the Hedge Funds!
2. Misrepresentation of Financial Products and Services all over the World!

Yes Manufactured Insider Trading:

1. Sell Home Mortgages that are "SURE FAIL" and full of "TRICKS and TRAPS"
2. Make the mortgages into "SURE FAIL" Toxic Debt
3. Bribe Ratings Agencies to rate them "AAA"
4. Sell them all over the world and to the little old lady down the street
5. Place Frequent and Massive Credit Default Swap BETS that the "Sure Fail" Derivative and the "Sure Fail" mortgages will "FAIL" - and that is a SURE THING! Collect massive Payouts from AIG pass throughs from the Treasury and the Taxpayer!

Thousands of Wall Street Executives and employees were involved in these complex SCAMS!

Perhaps because the path leads to Washington's Front Door the SEC ignores the largest CR!MES in US History!

[WorkingClass]

Very good summary Mr. Taylor.

[sosi]

Exposing the symptoms of crony capitalism, the worst form mutation. The end is near...

[nellie]

The irony is almost painful.

[macohmz]

"Looking for talent"? I get so sick of the use of that word when it's applied to chislers, weasels and scumbags. There are ordinary businessmen all over America who could do what these dirtbags are doing and probably would if their ethics didn't stand in the way. "Talent" has nothing to do with it. Talent in the world of high-finance means "psychopath"

[Scent]

And when will Obama go for them and send them to jail instead of saying they can not get more than a thousand times the pay the workers get?

You know - those silly people who do the work those parasites live on after taking what was never theirs.

[cdrach]

where are these ja*offs going-to become US autoworkers or steelworkers?- oh yeah they decimated those industries in the name of "Stock Price"

[PhilipTaylor]

Facts:

1980 WS Executives made 20 times average Worker
2008 WS Executives made 400 times average Worker

NOW Canada Executive made 20 times average Worker
NOW Britain Executives made 22 times average Worker
NOW Japan Executives made 11 times average Worker

Clearly if this trend continues at the current rate of 20 fold increase in 30 years we will see
WS Executives will be at 1,000 Times the average Worker by 2018 and 2,000 Times in 2025:

Year ___Times Average Worker's Income

2009 400.0
2010 443.5
2011 491.8
2012 545.3
2013 604.7
2014 670.5
2015 743.4
2016 824.4
2017 914.1
2018 1013.5
2019 1123.8
2020 1246.1
2021 1381.8
2022 1532.1
2023 1698.9
2024 1883.7
2025 2088.7

[PhilipTaylor]

The result of this massive skimming of Company Profits to all levels of employees has left many Banks near bankruptcy and the Taxpayer Backfilling the VOID with $Tens of Billions in Bailouts!

These "superstar" incomes are not justified! Especially when you consider how they got the money to pay them!

A person owning a business or working for themselves deserves what they earn but employees of banks developing Clever schemes to cheat others should be penalized, NOT rewarded!

[KennethZenger]

Bonus abuse does not relate as much to the amount paid as it does to the basis for the bonus. Paying for mediocrity will kill companies but paying for top talent that is delivering results enables them to compete better and be successful. I believe that a sound bonus structure policy ultimately rewards companies. Apparently Goldman Sachs buys into this philosophy because what critics do not point out is that they have revamped their bonus policy. Last year they switched from a system of issuing guaranteed bonuses paid out over time to variable amounts based on results only issued if employees stayed at Goldman Sachs. This is a much better bonus policy that will keep talent at Goldman Sachs and prevent payments being made to mediocre employees.

http://www.examiner.com/x-11183-Chicago-Business-Examiner

[research]

They are getting bonuses for the TAPR bailout.

[sosi]

If the amount of money is the measure of the degree of crimes you all committed - it will be, congrats!

[nomorefed]

If the truth were being reported we'd be having riots in the streets. And meanwhile the top execs in banks and brokeragesa that caused such a mess are STILL employed and making millions while laying off THOUSANDS of people that actually do work. If you know anyone in banking that's still employed, odds are they are doing the work of three people so the top execs can show 'savings' and contineu collecting mega-incomes.

good articles: href=".http://www.bit.ly/12NCJR>recommended reading

[PhilipTaylor]

They only created the EQUIVALENT of

$7 Million in Toxic Debts per family in America!

Why should we be upset about such a Massive R1P-OFF?

Where are the "American Youth" who will be f0rced to live through the DEBT Burdens Wall Street created?

[politicalpete]

http://affiliates.izea.com/event/v2/24185-3137-3501 get debt relief because of these crooks

[research]

All the money in the world is flowing up to the Banksters, even up to the International bank: the IMF.

We are losing the greatest battles of all time:

democracy versus Plutocracy.

[1sparrow]

a son was given power of attorney for his elderly mother. he had his mother kicked out of her own home stole everything she had-- somehow she took him to court and won. it took 2 years. then she died . he was given 7 years in jail. according to ABC news it is epidemic in this country. my own story is worse

[kepary]

hit them with a 100% tax bo, dont let them get away with earning more than you think is neccesary

[DofG]

What they mean by "talent" are those who are the masters of greed!

In this debate concerning government spending, a lot has been made about imposing future debt on our grandchildren, which maybe true, but those who tout this position have a dubious motive! Unfortunately, because most us Americans do not understand the "true nature" of our own system, we usually fall for this visceral impulse, which is design to keep people thinking and operating against their own interest. This is why we can easily talk about debt as a future problem. But what about now! Because if we don't get a handle on what this system is doing now, our grand children will have more problems to contend with than debt. And what the people who are enamored with the status quo doesn't get is that the system-Capitalism, as we presently know it is already in self-destruct mode. Unfortunately, the Wall Street "pathogens" will blindly feed until the host dies; for it is in their nature that they cannot stop themselves.

[BurtonOerney]

So how should Merrill Lynch replace 25% of its best people?