Posts filed under “Digital Media”

TARP Recipients and their Bonuses

These are really three different issues: 1) The CEO compensation; 2) Commission/P&L bonuses of profitable employees; 3) Misaligned compensation packages of the CDO/mortgage-backed buying managers.

The first one is a symbolic issue (and is irrelevant IMO) and the second one is perfectly appropriate — its the 3rd one that has become so problematic.


2007senior-officer bonuses*/ total bonus pools**
Bailout money

Bonus Pools

Merrill Lynch
Reportedly, in December, just before Bank of America took over, John Thain quietly awarded $3 to $4 billion in bonuses, a month earlier than was customary.
Bank of America
The company granted 2008 retention bonuses to 6,200 Merrill brokers, and C.E.O. Ken Lewis declined to answer a question about this year’s bonuses at a shareholder meeting in December.
Goldman Sachs
Average compensation is reportedly down 45 percent in 2008 but will actually be a greater share of revenues than in 2007.
Morgan Stanley
The firm’s 2008 bonus pool is down 50 percent but is still estimated at $5 billion.
The ratio of compensation to revenues is reportedly not remarkably different for 2008.
Wells Fargo
C.E.O. John Stumpf and top executives have not said they will forgo their 2008 bonuses as of mid-January.
J. P. Morgan Chase
While net income was down 64 percent in 2008, bonuses are reported to be down only 30 to 50 percent.
*Total of top five bonus packages (including stocks) received by highest-ranking officers.

**Estimated as 60 percent of compensation where exact figures are not available.


Bonus Babies: The Big Tarp Recipients and their Booty
Christopher Bateman
Vanity Fair, February 2, 2009, 10:00 AM

Wall Street’s $18.4 Billion Bonus
Michael Shnayerson
Vanity Fair, March 2009

Category: Bailouts, Credit, Digital Media

Executive Pay & Perks

Nice pair of tables from the NYT: > Sources: In Curbing Pay, Obama Seeks to Alter Corporate Culture STEPHEN LABATON and VIKAS BAJAJ NYT, February 4, 2009 Scrutiny of Bankers’ Perks Will Grow, Too ERIC DASH NYT, February 4, 2009

Category: Data Analysis, Digital Media, Wages & Income

Madoff 13,500 Client List

The following is the Madoff client list — released by the bankruptcy court — 160 pages, 13,500 clients. Madoff Client List Publish at Scribd or explore others: Court Filings Business & Legal madoff customers

Category: Digital Media, Legal

January Car Sales

> Sources: Auto Sales Start 2009 at an Abysmal Pace NICK BUNKLEY NYT, February 3, 2009 Detroit Reels as Auto Sales Skid JOHN D. STOLL and ALEX P. KELLOGG WSJ, FEBRUARY 4, 2009, 6:02 A.M. ET

Category: Consumer Spending, Digital Media, Economy

Comparison of Bad Bank Structures

We noted the “Goldman” plan yesterday. Here’s an interesting chart from page 5 of that proposal:

Category: Bailouts, Digital Media

Worst January Ever

> Source: Stock Markets Post Their Worst January Ever JACK HEALY NYT, February 2, 2009

Category: Digital Media, Markets, Trading

Cell Phone Spending Passes Residential Phone Services

I find this data point from the BLS rather intriguing: In 2001, the ratio of spending on residential phone services to spending on cellular phone services was greater than 3 to 1. In 2007, cellular phone expenditures accounted for 55 percent of total telephone expenditures compared to 43 percent for residential phone expenditures. Data from…Read More

Category: Digital Media, Markets, Technology

ISM Manufacturing for January Bounces Off Lows

Peter Boockvar writes: The Jan ISM mfr’g # surprised to the upside at 35.6 vs forecasts of 32.5 and is up from a revised 32.9 in Dec which was the lowest since 1980. New Orders were a main contributor as it rose 10 pts from its extremely depressed reading of 23.1 in Dec. Backlogs also…Read More

Category: Digital Media, Economy

Pessimism in the Corner Office

via NYT > Source: A Rise in Pessimism in the Corner Office FLOYD NORRIS NYT, January 30, 2009

Category: Corporate Management, Digital Media, Markets, Psychology

Samtron Imperius

Category: Digital Media, Humor