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  • "Many people think there was no penalty for the executives at AIG when it did poorly and that they need longer-term compensation so they don't benefit from taking inordinate amounts of risk. But if you look at where they've been this year, they've been pretty much wiped out." - CEO Robert Benmosche  [View news story]
    Sorry, they owe us (stockholders, taxpayers, and customers) reparations for the harm they did. Imagine a small or medium size company doing what they did. They all would have been fired and the company put out of business, but AIG was too big! Why should bigness be an excuse for forgiving crimes against humanity.
    Dec 15, 2009. 10:10 AM | Likes Like |Link to Comment
  • Wall Street bonuses aren't dead, says David Pauly, but giant cash payments probably are - killed by Goldman Sachs' (GS) plan to pay in restricted stock instead. Meanwhile, Ryan Chittum thinks Goldman's move has been overplayed by the press: The 30 execs involved are still going to make bank.  [View news story]
    BS. What's the difference? Some day the stock awards turn into cash. And they cost some suckers a bundle - either other stockholders or their customers or us taxpayers. These people don't deserve any bonuses for years to come. In fact, they owe investors and taxpayers reparations for the financial disaster they caused. Whether cash or stock, they should be taxed in full when awarded!!!
    Dec 14, 2009. 05:16 PM | Likes Like |Link to Comment
  • Goldman Sachs (GS) responds to shareholder pressure by changing executive bonuses to "shares at risk" that can't be sold for five years, instead of cash.  [View news story]
    But they're not selling to GS. They're selling on the open market. They may get the shares back as bonuses, but where do the shares come from unless GS creates or buys them.

    On Dec 10 03:19 PM woollyB wrote:

    > Given the rate of insider selling the past few months, it's almost
    > like a trade off: the bonus shares just replace the recently sold
    > shares.
    Dec 10, 2009. 04:48 PM | Likes Like |Link to Comment
  • Goldman Sachs (GS) responds to shareholder pressure by changing executive bonuses to "shares at risk" that can't be sold for five years, instead of cash.  [View news story]
    If they give out $20 billion in stock, that would be roughly 114 million shares @ $175/ share. GS currently has 514 million shares outstanding. How does this work? Do they issue new shares to pay bonuses thus diluting stockholders? Do they buy shares on the open market to give as bonuses? How many years can this go on?
    Dec 10, 2009. 03:14 PM | 1 Like Like |Link to Comment
  • Richard Russell: Downturn Will Be 'Vicious' [View article]
    "I somehow doubt that contingency plans have moved far beyond executives closing their eyes and wishing really, really hard."

    They also have to remember to click their heels 3 times.
    Dec 9, 2009. 08:35 AM | 8 Likes Like |Link to Comment
  • Weekly Market Notes: Jobs Summit a Success - Just Look at Employment Numbers [View article]
    On the other hand, when the business sharks take over the economy co-conspiratorially with government, you get the dot-com bust and the finance bust. An economy too free brings out the worst players to play their worst.
    Dec 7, 2009. 09:25 AM | Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    That's gratitude for you! You save a guy's life and he steals your wallet! Goldman and the others need to give the money back one way or another.
    Dec 7, 2009. 08:37 AM | 6 Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    AIG is a failed company. Failed executives can desert a sinking ship or sink with it. They don't deserve pay raises or bonuses, in fact they should refund past exorbitant compensation to the taxpayers.
    Dec 7, 2009. 08:28 AM | 7 Likes Like |Link to Comment
  • Windfall Profits Tax and Goldman Sachs: Quid Pro Quo [View article]
    The profits these bonuses derive from are a transfer payment from the taxpayers to GS and other banks. Kinda like welfare. Investors who benefitted from this swindle still have a chance to take profits if they have a real fear that a windfall tax is impending. I hope they do and I hope it is. It's time for the taxpayers to get some payback for our generosity, although it won't be dollar for dollar.

    On Dec 04 03:14 AM sethmcs wrote:

    > Windfall profit tax? Let's see who takes the hit management or shareholders
    > comrade.
    Dec 4, 2009. 09:36 AM | Likes Like |Link to Comment
  • Goldman Sachs (GS) is reportedly weighing plans to hike the equity portion of its pay packages, awarding all annual bonuses to senior executives, including CEO Lloyd Blankfein, in company stock. The firm has been meeting with major investors to explain why it deserves the record pay-packages it's awarding itself after accepting TARP funds.  [View news story]
    These bonuses in any form are not deserved. They are a transfer payment from the taxpayers to Wall Street. I say, tax the hell out of banks and give it to US manufacturers, US Main Street businesses, US entrepreneurs, and US new ventures. These are the businesses that create jobs, prosperity, and long term well-being. Big bank profits only enrich the rich.
    Dec 4, 2009. 08:28 AM | 2 Likes Like |Link to Comment
  • Genzyme's Very Bad Year [View article]
    Mr. Icahn is interested only in turning a fast buck. People like him used to be called corporate raiders. If he becomes a major owner and has his way, kiss Genzyme goodbye as he would likely try to sell all or parts of the company. He attempted this and failed at Yahoo last year and this. His history is full of similar strategies with some failures but far more successes as he is a billionaire. For all his prowress, other investors in his targets don't always make out so well. Beware of this man. Personally, I hope that Genzyme straightens out and becomes the top flight biotech science company it was before industrial and management issues became such a major distraction. It may otherwise have bright, prosperous, and long-lived future.
    Nov 24, 2009. 01:05 PM | Likes Like |Link to Comment
  • More Foreclosure Sales, Please [View article]
    And this from a man who complains about government intervention in markets. " The market can handle a huge volume of transactions without suffering indigestion" only because of the $6000 tax credit and the devastating drop in prices. Take away the $6000 and what do you think we have? So Mr. Calafia Beach must be hoping for more government subsidies for housing????? Reconcile that!
    Nov 24, 2009. 09:55 AM | 2 Likes Like |Link to Comment
  • Did the January Effect Start on November 1st This Year? [View article]
    Joe says the market can only go up for the next 3 months. Good luck with that. Check out the "15 Indicators" and decide for yourself if the market is more likely to go up or down in the next few months.
    Nov 24, 2009. 09:47 AM | 3 Likes Like |Link to Comment
  • Some of Goldman Sachs' (GS) largest shareholders are peeved about the $717K-average bonuses the bank's staff are to get this year, and want the bank to disperse more earnings to investors, sources say. Despite record net income, analysts expect Goldman's 2009 earnings per share to be 22% lower than in 2007. A spokesman for the bank pointed out that, since going public in 1999, the company has generated a total return of 159%, while shares have more than doubled YTD.  [View news story]
    Greedy shareholders trying to take food out of the mouths of well deserving employees? Neither! How about giving it back to taxpayers!?!

    When the bonus payouts are made we'll see a new fleet of Acuras, BMWs, Mercedes, Ferraris . . . These traitors think so little of America they won't even buy American cars.
    Nov 20, 2009. 08:22 AM | 4 Likes Like |Link to Comment
  • No bank - including JPMorgan (JPM) - is too big to fail, Jamie Dimon writes in a Washington Post op-ed this morning. "The term 'too big to fail' must be excised from our vocabulary,'" he says. Dimon's against artificially limiting the size of institutions, but says we need to develop a system that ensures even the biggest bank can be allowed to fail in a way that does not put taxpayers or the broader economy at risk.  [View news story]
    And I thought Jamie was a smart guy. He should realize that 'too big to fail' is a common use expression for 'so big that the taxpayers have to bail it out or the nation or world will face very severe financial difficulties'. Someone please pass this on to Mr. Dimon.

    Such banks (like his) should be made so that such a consequence cannot happen again as happened in the early 30's and again in '08-'09. This can be accomplished either by breaking them apart into smaller pieces or by much more restrictive regulation - preferably both so that bank meltdowns won't recur.
    Nov 13, 2009. 09:14 AM | 2 Likes Like |Link to Comment