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gageflame
Joined: 15 Feb 2009
Posts: 315
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Posted: Thu Oct 22, 2009 1:36 pm Post subject: Poor dears just might have to give up private jets
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All I can say is it's about time: Notice the first one mentioned is Citigroup.
http://news.yahoo.com/s/bloomberg/20091022/pl_bloomberg/anpmucvjcdis
Executives at seven companies including New York-based Citigroup Inc. and Charlotte, North Carolina-based Bank of America Corp. will have their pay cut by an average of 50 percent after months of negotiations with Kenneth R. Feinberg, 63, the U.S. special master on compensation, according to people familiar with the matter.
The cash portion of salaries for the 25 highest-paid employees will be slashed 90 percent under Feinberg’s review, which will be released as early as today, according to one person familiar with the talks. Some cash will be replaced by shares that employees will be restricted from selling immediately, another person said.
Politicians disagreed. “It’s about time that somebody stands up to these folks we bailed out,” Representative Elijah Cummings, a Maryland Democrat, said in a phone interview. “They seem to have forgotten that they would not have jobs in many instances if it were not for taxpayers
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ratmaze
Joined: 05 Dec 2007
Posts: 500
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Posted: Thu Oct 22, 2009 8:01 pm Post subject:
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Lets just see how long this will last until some of these people get paid off to look the other way.
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gageflame
Joined: 15 Feb 2009
Posts: 315
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Posted: Fri Oct 23, 2009 2:06 pm Post subject:
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I think I remember reading a few weeks before the bank bailouts that some of these banks were threatening to finish crashing the economy if they didn't get what they wanted "money from the government". They have thrown around the phrase "too big to fail" so often it just isn't funny but I think I would have called their bluff and would have really wanted to see what to big to fail really meant. I don't think they would have failed, I just think they would have had to cut the salaries and perks a lot sooner to stay in business. Those old hedgies on Wall Street would have had to just make do with less, like the working man on the bottom,is having to do. The stockholder traders of course would have been yelling bloody murder, but I think they would have survived.
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