Wall Street Banks Cut Pay Yielding To Political Pressure

bloomberg.com:

Jan. 25 (Bloomberg) -- Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.'s investment bank slashed their compensation in the fourth quarter, responding to political pressure that will probably persist as details of bonuses for their top executives emerge in coming weeks.

Read the whole story: bloomberg.com

Comments

[sueinmn]

11:42 AM on 01/26/2010

Turn your back and they will be worse than ever! Bankers are not in touch with any known reality.

[guveqzero]

05:18 AM on 01/26/2010

Bankers do not get it. They are blinded by the money they take in fees and trading to understand that they are the problem in the economy. Ask a banker why there are no job creation in America? Their answer will only make you more angry.

[Jaxy]

12:49 AM on 01/26/2010

If I took company assets, speculated with wild abandon and nearly ran the joint into the abyss, a handsome bonus would be the very least of my expectations.

I would fully expect to be answering some hard questions ... from a Grand Jury. Or Congress.

[Jaxy]

12:53 AM on 01/26/2010

Or, from the bad. burly inmate to whom I may have become involuntarily 'espoused'.

[hulagirrrl]

08:44 PM on 01/25/2010

Is it just me or does anyone else notice that whatever is happening it is always without the worst bankers at City Bank?

[blackhole2008]

07:23 PM on 01/25/2010

the execs will be expected to use only standard toliet paper from now on...gasp.

[Leigh49]

06:46 PM on 01/25/2010

I want my money back!

[Prakosh]

06:33 PM on 01/25/2010

GLOOM and DOOM everywhere I look. Why can't people just accept the fact that there are going to be "bumps in the road" in a "jobless recovery" and smile and enjoy life. Who cares if you have lost your job, can't pay your bills, have to file bankruptcy or worse, wind up homeless. Once you get some perspective and realize that those are all just "bumps in the road' during a "jobless recovery" you'll have a smile on your face and a song on your lips.

Something like "Everything's coming up roses!"

http://www.youtube.com/watch?v=s62MrU8mHx4

[blackhole2008]

07:21 PM on 01/25/2010

"Happy days are here again..."

[xilduq]

08:10 PM on 01/25/2010

"the skies above are clear again
so let's sing a song of cheer again
happy days are here again"

[Appleton]

06:19 PM on 01/25/2010

The truth is that government pressure on CEO compensation is a meaningless ploy to give people some emotional satisfaction. I don't care how much any company pays its executives. That's a matter only of concern to shareholders. What I do care about is the fact that the banking collapse was largely a result of pure, old fashioned fraud on many levels and that the Administration has done nothing to either investigate those activities or propose methods to more aggressively enforce the banking and securities laws. Protesting in front of someone's Connecticut estate may feel good, but it's a cheap thrill.

[crazylikeafox]

06:28 PM on 01/25/2010

You should care, it's your money.

[crazylikeafox]

06:13 PM on 01/25/2010

Don't believe the 500 million that GOldman Sachs claims is charity.

With tax breaks it is expected to only cost them 170 million.

And the 250 million to small businesses much of it INCLUDES LOANS THAT MUST BE PAID BACK WITH INTEREST.

[crazylikeafox]

06:11 PM on 01/25/2010

GOLDMAN SACHS IS ONLY GETTING $16 BILLION IN BONUSES.

OMG!!!!!!!

[xilduq]

08:12 PM on 01/25/2010

There IS a depression after all...

[DosGatos2]

10:02 PM on 01/25/2010

$16 B in bonuses when they only made profits of $13.2? They are paying out more in bonuses than they made in profits. Where is the difference coming from?

[werskewed]

10:29 PM on 01/26/2010

From the fed, they don't have to keep track of the money, nobody's held accountable for it anyway.

Nobody knows how much they printed. Nobody knows how much they issued. Nobody knows to whom it went.

"Nobody knows" is running the financial system of America. Good thing it says "in God we trust" on our currency. That's about the only one involved in this whole mess that is trustworthy.

[repearwo]

05:54 PM on 01/25/2010

It is all show, will find another way to get the money or just wait until next week when we are distracted by Brangelia. They, the Big banks, are crooks and Liars and are not to be trusted, ever. ANd small local banks can only be trusted with great caution. It is money, always be suspicious when dealing in relations with money.

[Brothaman2k]

05:49 PM on 01/25/2010

BS. They'll make base pay smaller, but that just means they'll make the bonuses bigger. It'll all be the same in the end. Mostly because our cowardly president doesn't have a set big enough to demand that it stops.

[Tuckerndfw]

05:36 PM on 01/25/2010

Who cares? Anything in excess of $200k a year from any source should be taxed at 99% with generous deductions for creating American jobs for American citizens.

That would lead to full employment better than anything Dems are proposing.

[Leigh49]

06:46 PM on 01/25/2010

yeah, like the Repubs would support that. These are their friends and family you're talking about.

[xilduq]

08:12 PM on 01/25/2010

The Dems have the same friends and family. It's all very cozy.

[BBackSoon]

05:22 PM on 01/25/2010

Check the books, they are still getting the money, it is just being paid in a new and unexpected way.

[Haditup2here]

04:55 PM on 01/25/2010

It is still 39.9 billion dollars. . Big Whop. WTH is a difference of 4.7 billion dollars (in a cut) when 39.9 billion is still being doled out.?!