Contracts for Us vs. Contracts for Them
October 26th, 2009 admin
The Hold Fast blog finds an interesting contrast between New York Times columnist Joe Nocera’s views on cutting pay for Wall Street vs. auto workers. On Wall Street, now: And the American International Group is contractually obliged to make bonus payments of nearly $200 million in March 2010. The company has promised to try to reduce that amount by 30 percent. But once again, there is nothing Mr. Feinberg can do because those bonuses were already written into contracts — and there is a high likelihood that the bonuses will create …
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Chanting “Good Jobs Now! Make Wall Street Pay!” and “They Got Bailed Out! We Got Left Out!” more than 15,000 union members, unemployed workers, community activists and progressive citizens jammed the streets of Lower Manhattan yesterday to march for good jobs and Wall Street reform. Before leading the huge crowd in a March...
Last year, Wall Street made $55 billion in profits and gave out $20.3 billion in bonuses, 17% more than in 2008. Average taxable bonuses on Wall Street rose to $123,850 in 2009, DiNapoli said. Compensation at Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley, three of New York’s biggest banks, rose 31 percent, he added. Mother...
The march on Wall Street is beginning, and Mitchell Hirsch is there, taking pictures:
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Credit card company CEOs and top executives have joined the ranks of the big bonus boys at Wall Street’s biggest banks, raking in bonuses and annual compensation for 2009 in excess of $10 million each. Leaders in the pay sweepstakes include the heads of the credit card giants Visa, Mastercard Worldwide, Capital One Financial and American Express....
Crossposted from the AFL-CIO Now blog. Working people have plenty to be angry with Wall Street about. A $700 billion bailout. Toxic assets and loan guarantees to the tune of hundreds of billions of dollars. A financial crisis and credit crunch. Billions of dollars in six- and seven-figure bonuses to the Wall Street executives who got us into this...
Image: Huffington Post When bailed-out AIG paid monstrous bonuses to its Financial Products employees last year (the people whose derivatives deals almost ruined the company), people got mad. This year, AIG is doing it again. Thanks to two-year-old contracts, it will pay Financial Products employees about $100 million in bonuses today. The Washington...
Goldman Sachs reported “better than expected” 2009 earnings today . That translates to $13.4 billion for 2009, and $16.2 billion in compensation, mostly for year-end bonuses. The Washington Post has details: The compensation pool — which includes salary and benefits but is largely for year-end bonuses — translates to an...
One of the many groups at last week’s March on Wall Street was the Coffee Party, which made this video. Check out the strong Working America representation. You can take action at Not Your ATM .
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Working America’s Kim marches on Wall Street and Mitchell gets the picture:
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Even though the King of Pop has passed , Sony awarded the Michael Jackson estate the biggest recording contract in history. The deal will award the Jackson estate a guaranteed $200 million, though the contract may net as much as $250 million. In return, Sony will release 10 Jackson albums–a mix of new and old songs–over a period of...
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