Wall Street decries cuts to executive pay: "Our Banksters want to get paid like the other crooks."

[marmar]

Is the orchestra ready?

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Wall Street Reacts With Skepticism, Anger to Pay Cuts (Update1)
By Ian Katz and Michael Moore


Oct. 23 (Bloomberg) -- The Obama administration’s moves to rein in executive pay sparked criticism on Wall Street, as lenders such as Bank of America Corp. said the measures may hurt the very companies the U.S. is intent on saving.

“People want to work here but they want to be paid fairly,” said Scott Silvestri, a spokesman for Bank of America, the recipient of $45 billion of bailout funds. Rivals are “identifying our top performers and using pay concerns to recruit them away for fair-market compensation,” he said.

Kenneth Feinberg, the Treasury Department’s special master on compensation, said yesterday he had slashed total pay for the executives he scrutinized at firms including Bank of America, Citigroup Inc. and American International Group Inc. by 50 percent on average. The Federal Reserve, moving in tandem, announced guidelines aimed at making bank compensation more tied to risk management.

Together, the measures are meant to address what the Obama administration calls unchecked risk-taking fueled by excessive pay. The credit-market meltdown that followed led to a financial crisis that caused more than $1.6 trillion in losses and writedowns worldwide and 7.2 million U.S. job cuts. .........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aW8dPQe8wiTo

[truedelphi]

1. Obama scolds, Wall Street acts huffy, and Geithner and Bernanke

Day dream about which building and office that they will encase in gold and silver once they retire to the greener pastures of Goldman Sachs.

Ah America, ain't it great!

[FiveGoodMen]

2. Many of them deserve to be jobless, poor, and in prison

Fuck 'em for complaining about being only filthy rich instead of mega-super-filthy rich.

To hell with those motherfuckers!

[newtothegame]

3. What a misleading subject line. n/t