Bailed-Out Banks Ramp Up Pay Packages To Top Talent

Wall Street Journal:

Some big banks that have received government bailouts in the U.S. and Britain are offering handsome pay packages to lure stars and reverse last year's steep losses.

Bank of America Corp. recently hired a top bond salesman with a guaranteed two-year deal valued at about $6 million for the first year, people familiar with the matter say. Citigroup Inc. offered nearly $2 million in an attempt to recruit a top brokerage executive.

Read the whole story: Wall Street Journal

Comments

[MakeAWish]

What kind of resume's are they looking for? No ethics, sell out your mother and children for a buck? Heartless? Will do ANYTHING including the selling of ones soul for a buck?

[WorriedParent]

It is obvious that the real power in this country lies with the banks, so instead of marching on Washington we should march on Wall Street.

If anyone here is willing to help organize a march on Wall Street - it would be perfect to do on a Monday (I don't know how long it would take to organize, but sometime in August would probably give most people enough time to plan), please respond here and we can figure out a way to get started.

I am just too frustrated and I don't know how/where else to start this.

[WorriedParent]

OK here is an idea for a time:

Monday, August 10th, 2009

Starting at 8AM start gathering on Wall Street

[WorriedParent]

Starting on the corner of Wall St. and Broad St. and spreading from there (especially in the direction of Liberty St. and the FED)

[SangZe]

I'm really sick of the inability of Obama to deal with those who are raping the country. He promised a lot, but he is obviously incapable of bringing about change - not in January, not in seven month, and, so the evidence indicates, not ever. If anything, he has become an unwitting accomplice in the fleecing of America.

[rudolph]

Please see the following:

http://blogs.reuters.com/great-debate/2009/07/15/time-to-stand-up-to-the-banking-lobby/

[TrooAmerican]

They always have "Top Talent" it matters not who they hire or who applies, they're all "TOP Talent".
No one ever has "mediocre talent" or "decent Talent" or "low talent" so how do they determine what they have?
What would these "top Talents" do if they didnt get hired for 6million?

[boogiewoman]

Unemployment check was sent direct depost to Chase was 50 cents over and they charged my unemployment check yesterday $25.00 overdraft fee and another $25.00 late fee. They took $50.00 from the unemplyment check for 50 cents. Wow figure out how to screw us at every turn. Thats talent.

[totaldisbelief]

Maybe it's the banksters that should have the fire ants put on them.

[BillyMcGorn]

Talent?! How do you figure?

The sorts of shady dealings that have been going on in the finance industry for the last few decades have nothing to do with talent, and never did. Bankers are supposed to take care of your money, not hide it, manipulate it, and use it to line their coffers.

[vippy]

We got it all wrong. Talent they are looking for is that how to best fleece America for their personal gain. Nothing will excuse this action. Experience and talent are the most misused words in the
bankster's dicitionary!

[DrJohnS]

They're hiring the wrong people. While these men got all the credit for being stars, it was probably their far less affluent secretaries who did all the real work (and that's on both sides of a deal). Save money, hire the secretary.

[SamKnause]

Top talent? What a joke!

[jdw1981]

While these executives are swimming around in piles of cash, America is drowning in REAL unemployment (not the Government-tweaked "official" version) of 25% in some parts of the country.

What's good for Wall Street is not good for Main Street. Anyone who thinks otherwise subscribes to antiquated Reagan-era Trickle Down Economic Theory. Oh wait...that would include Obama and his team of economic advisors.

[rollingdivision]

Failure is a critical component of capitalism and without it the market will not work. TARP and TARP2 were both bad policy and bad legislation. The only people against it were the House Republicans and they were vilified for their stand. Failure is a critical component of capitalism and without it the market will not work. Bankruptcy never meant the government would have done nothing and let financial market collapse rather it would have forced changes in management, reorganization and rational policies from financial institutions. The government could have provided support and liquidity during the whole process. At the least, the leadership of would have been forced out and bonuses curtailed.

[vippy]

Republicans are against everything the DEMS are doing. I am thinking they were for it when Bush
proposed it and then they blamed Obama.

[rollingdivision]

For instance TARP (one) Democrats 40 for and 8 against and Republicans 35 for and 14 against; 44 Senate Democrats for TARP2, 9 against.

[frug]

Their greed is compulsive, out of control, incorrigible.

[macohmz]

It makes me sick when the word "talent" is used to describe Wall Street shysters and hucksters. "Talent" is what singers, actors, scientists, painters even mechanics have. It doesn't take "talent" to do what Wall Street gangsters do. What they have is a lack of conscience. They're nothing more than thieves. And anyone can steal.