Alan Johnson, a Wall Street compensation consultant, said government involvement in pay decisions is "unsettling."
Privatizing profit and socializing risk is so 2008, but not everyone got the memo.
[A]ll over New York they are now complaining about their smaller bonuses, completely tone-deaf to how this sounds outside their Wall Street silos.
Nocera expects executive compensation to become an issue, too. The government should have a say as long as taxpayer money is involved, but ultimately these are cultural issues; shareholders and boards need to be more responsible.
"I feel like I got a doorman's tip, compared to what I got in previous years," said a 30-something investment banking associate at Citigroup's offices in Lower Manhattan.
People may not understand bonuses as a routine part of compensation. They do understand that Citigroup is living off their money.
Here's another perspectinve written by an insider to the education system that, at least in part, begot the financial system.
I personally believe the financial pyramid is way too pointed. I believe it would be beneficial to all concerned if it was lots flatter.
'Addicts' whine, kick, and scream though when their object of abuse is limited.
Posted by: RBM | Jan 31, 2009 at 01:48 PM
"I feel like I got a doorman's tip, compared to what I got in previous years," said a 30-something investment banking associate at Citigroup's offices in Lower Manhattan."
Hell, you are lucky you got anything at all!!!!!!!!!
You have lost all of my retirement and most of my sanity; and I am to forgive you?
Posted by: 4ty8er | Jan 31, 2009 at 05:32 PM
My wife brought up a pretty good anecdotal point yesterday to counter the argument that the big banks/houses have to give big bonuses or else they'll lose their best -- where are they going to go if they DO leave? Are there places that are actually making money? Wherever they go, they are going to lose in this market. My reaction to the bonuses was so visceral at first that I screamed out, "Nationalize the f--kers!"
It will be interesting to see if Claire McCaskill's idea gains any traction.
Posted by: Danny Wright | Jan 31, 2009 at 09:12 PM