Effort to Rein In Pay on Wall Street Hits New Hurdle
OPS_admin | Aug 10, 2009 | Comments 0
Effort to Rein In Pay on Wall Street Hits New Hurdle - – NYTimes.com
A guaranteed bonus might strike many people as a contradiction in terms. But on Wall Street, banks have become so eager to lure and keep top deal makers and traders that they are reviving the practice of offering ironclad, multimillion-dollar payouts — guaranteed, no matter how an employee performs.
The resurrection of the guaranteed bonus is sure to become a hot-button issue for the Obama administration’s pay czar, Kenneth Feinberg, who is preparing this week to review how compensation should be structured at seven companies that received two or more federal bailouts.
The companies must each submit 2009 compensation plans for their top 25 earners by Thursday, and Mr. Feinberg has 60 days to rule on them. He has the authority to single out any of those employees and adjust their pay packages.
via Effort to Rein In Pay on Wall Street Hits New Hurdle – NYTimes.com.
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