Wall Street Wind-Up

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Wall Street Wind-Up

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Summary

Banker bonuses have frequently made headlines this past year. To pay or not to pay, that is the question. Whether it 'tis nobler to pay talented bankers the big bucks to stay at troubled firms or to reduce compensation to more sober levels in response to the financial crisis. New York, Zurich, and London banking officials respond in varying ways to the challenge.

Wednesday, December 23, 2009 - 4:30pm

CONTENT: Blog

Risky Business 

Wall Street Execs who lost billions of dollars over the last two years were compensated as if those profits were real. Investment banking giant Credit Suisse has decided to change that policy.
 
No Cash For You
 
Goldman Sachs has taken a lot of heat in the past few months for earmarking $16.7bn for year-end bonuses. In an unprecedented move, Goldman yielded to pressure from unhappy shareholders and rethought compensation plans.
 
London Bankers Falling Down
 
It is officially "banker hell" in Her Majesty's home town. The U.K. government revealed plans to levy a 50% supertax on banker bonuses. UK Prime Minister Gordon Brown and French President Nicolas Sarkozy publicly support the "supertax."
 
Mack the Knife
 
Bonuses for rescued financial firms have been contentious issues this year. John Mack of Morgan Stanley turns down a cash bonus for the third year in a row. Mack says his decision is due to "the unprecedented environment and the extraordinary financial support governments provided to our industry.”

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Keywords: AIG | Credit Suisse | Goldman Sachs | Morgan Stanley | bonus payouts | clawbacks | credit crisis | goodb | supertax

CONTENT: Blog

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