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Few Left Wall Street Due To Salary Caps


Everyone screamed, hooted and hollered about limiting executive pay. It's the end of the world, we often heard. They'll leave, go to competitors, move to London to work in the City, or maybe Shanghai, or Moscow, or Cuba. Hell, anywhere but the emergent socialist paradise of Lower Manhattan.

So, how many of them left? No so many:

Of the 104 senior executives whose pay was set by the federal pay regulator in the last two years, 88 executives, or nearly 85 percent, are still with the companies even though their pay was drastically cut back, according to people briefed on the government data.

I personally think we all would be a lot better off had many of them made good on their threats. Seems like they all share a lot in common with Rush Limbaugh. Putzes.

Barry has more.


Sean Paul Kelley March 23, 2010 - 3:19pm
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( categories: Global Financial Crisis )

That's the whole point

They all were bluffing. As are all the other highly paid executives.

Time to call the bluff. The we'll see how much they can really do.

Although I was in a F500 Company, and the high fliers program, call the executive resource program, was known for people who weren't contributing and did not plan to contribute.

Synoia March 23, 2010 - 6:59pm
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Kenneth Feinberg Has Been Interviewed by Charlie Rose

The interview was on March 18, and imo was stunning. He is the Treasury Department Special Master for TARP Executive Compensation, the federal pay regulator or "pay Czar". It was fascinating to hear him describe in a quiet, modest way the things he has done in the way of mediation; not bombastic, not self-aggrandizing.

Charlie Rose's site has videos of recent shows archived on it; the video archive of the Feinberg interview is [today] the sixth video down, under the link "Recent Shows". It will move down the list as the days go by.

Here is a link to a text transcript of March 18's program which includes two other interviews ahead of the Feinberg one. The link takes one to the Comments section beside which is shown a tab "Transcript". It is paged to the right, tiny red numbers. On Page 2, the Feinberg section begins about halfway down with:

Back in a moment. Stay with us.

CHARLIE ROSE: Ken Feinberg is here in Washington, and on Wall Street he is widely known as the "pay czar." Nine months ago he was appointed by President Obama to oversee executive compensation for seven companies that received exceptional assistant from the government under TARP.

"All I know is just what I read in the newspapers." - Will Rogers

readr satx March 23, 2010 - 7:20pm
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