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4793 Us Banksters To Get $1 Million + Bonus

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http://www.zerohedge.com/article/all-juicy...mpliments-cuomo

All The Juicy Bank Bonus Details Compliments Of Cuomo

Andrew CuomoBank of AmericaBonuses

With a title like "The 'Heads I win, Tails you lose' bank bonus culture", what's there not to like about Cuomo's latest. Also, sheds some light on why perpetuating a grossly inflated Ponzi market is where it's at come December.

In summary, number of employees making over $1 million:

•Bank of America: 172

•BoNY: 74

•Citi: 738

•Goldman: 953

•JP Morgan: 1,626

•Merrill: 696

•Morgan Stanley: 428

•State Street: 44

•Wells Fargo: 62

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Bonuses.jpg

http://www.zerohedge.com/article/all-juicy...mpliments-cuomo

All The Juicy Bank Bonus Details Compliments Of Cuomo

Andrew CuomoBank of AmericaBonuses

With a title like "The 'Heads I win, Tails you lose' bank bonus culture", what's there not to like about Cuomo's latest. Also, sheds some light on why perpetuating a grossly inflated Ponzi market is where it's at come December.

In summary, number of employees making over $1 million:

•Bank of America: 172

•BoNY: 74

•Citi: 738

•Goldman: 953

•JP Morgan: 1,626

•Merrill: 696

•Morgan Stanley: 428

•State Street: 44

•Wells Fargo: 62

I like the J morgan one

earned 5.6bn, bonus 8.7bn

just imagine that could have been 14.3bn for the shareholders.

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I like the J morgan one

earned 5.6bn, bonus 8.7bn

just imagine that could have been 14.3bn for the shareholders.

If you ignore $25BN of TARP :o

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Guest KingCharles1st
Citi lose £27bn. Bonus pool £5.3bn

How isn't that theft?

You just don't understand do you. Only by paying huge bonuses can the banks get the top people working for them, as opposed to working for another team.

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You just don't understand do you. Only by paying huge bonuses can the banks get the top people working for them, as opposed to working for another team.

Exactly. You've got to pay good money to get morons that will only loose you a few biwion. Pay peanuts and they'll loose you miwions and miwions of biwions.

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Exactly. You've got to pay good money to get morons that will only loose you a few biwion. Pay peanuts and they'll loose you miwions and miwions of biwions.

The banks justify it by saying it was only one division that suffered losses, so the bonus's are paid to those in successful divisions.

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Bankers now know for certain that any losses are destined for the public sector, so there will be no holding them. I wish I could have free casino bets with someone else's money.

lucky for us, this is not a problem in the Uk then.

our banks are the best placed to weather the storm.

our bankers are getting on with the job.

they are doing whatever is necessary.

there is no sub-prime in the UK.

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http://business.timesonline.co.uk/tol/busi...icle6733909.ece

Some of the banks which were bailed out by the US taxpayer paid bonuses paid to executives that were in excess of net income in 2008, according to a scathing report by the office of New York Attorney General Andrew Cuomo released this afternoon.

Mr Cuomo, who has been investigating compensation paid by the banks since last October, said employee pay "has become unmoored from the banks’ financial performance.â€

“There is no clear rhyme or reason to the way banks compensate and reward their employees,†said the report, which chimes with remarks by President Barack Obama's spokesman earlier this month.

President Obama does not believe that big pay packages are necessary to keep talented staff, the President's spokesman said.

Mr Cuomo's report recommends that firms should follow “a more principled†bonus system to make them less susceptible to poaching of their employees by other firms offering higher pay.

The report targeted Goldman Sachs, Morgan Stanley and JPMorgan Chase, saying that bonuses were “substantially greater†than the banks’ net income.

Goldman earned $2.3 billion, paid out $4.8 billion in bonuses and received $10 billion in TARP funding, while Morgan Stanley earned $1.7 billion, paid $4.475 billion in bonuses and received $10 billion in TARP funding, and JP Morgan Chase earned $5.6 billion, paid $8.69 billion in bonuses and received $25 billion in TARP funding, according to the report

Since nine banks received a total of $125 billion last October in taxpayer money under the Troubled Asset Relief Program (TARP) to help them survive the financial crisis, Mr Cuomo has pressed them for details on billions of dollars paid toexecutives amid huge losses. He said his office studied historical financial filings and found that at many banks compensation increased in the 2003-2006 bull market years, but stayed at those stratospheric levels as the mortgage crisis and recession hit.

“Thus, when the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well. And when the banks did very poorly, they were bailed out by taxpayers and their employees were still paid well.

“Bonuses and overall compensation did not vary significantly as profits diminished," he wrote.

The times take on the report.

There is no justification for this, as noted earlier this is just theft.

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WTF is 'State Street Corp?' Never heard of them before.

http://www.statestreet.com/

Neither have I.

Overview

Serving the specialized needs of institutional investors

With $16.4 trillion in assets under custody and administration,* and $1.6 trillion under management*, State Street is the world's leading provider of financial services to institutional investors. Our broad and integrated range of services spans the entire investment spectrum, including research, investment management, trading services and investment servicing.

An industry leader

State Street has earned its reputation as a leader by successfully meeting the changing needs of our customers for more than 200 years. Today, we rank among the top financial service providers in all of the markets we serve.

* No. 1 provider of U.S. mutual fund custody and accounting services

* No. 1 servicer of U.S. pension plans

* No. 1 investment manager of institutional assets worldwide

* No. 1 investment manager of U.S. institutional tax-exempt assets

* No. 2 assets under management worldwide

* Leading custodian worldwide

* Leading offshore fund service provider worldwide

* Leading provider of securities finance services worldwide

A tradition of financial strength

Our company's history of strong, solid financial performance** is supported by our leadership role in developing the industry's leading products and services for global investors.

* Operating-basis earnings per share growth consecutively for the past 31 years**

* Operating-basis earnings per share growth of 15.3% compounded annually over the 10 years of 1998-2008**

* Operating-basis return on shareholders’ equity of 19.3%** in 2008

* Total assets under custody grew from $4.8 trillion in 1998 to $12.0 trillion in 2008

* Total assets under management grew from $485 billion in 1998 to $1.4 trillion in 2008

A global network

With more than 26,500 talented and dedicated employees in our offices all over the world*, we offer customers the benefit of a global perspective backed by local industry expertise. State Street maintains operations in 27 countries covering all major investment centers. Our network spans more than 100 geographic markets, facilitating our customers' investment strategies anywhere in the world where they see opportunity.

By leveraging the strength of an integrated global network and an impressive infrastructure, we provide our customers with a worldwide platform for growth, creating custom-tailored solutions that can support even the most complex investment strategy in virtually any market.

A focus on relationships

At State Street, we understand that each investor's needs are unique. We work closely with our customers to identify key challenges and opportunities — building long-term business relationships, establishing effective growth strategies and providing the right mix of products and services to support their objectives.

No matter where our customers choose to invest — or how complex their needs — at State Street, we are committed to providing global investors with the integrated products and services that help them succeed.

*As of June 30, 2009

**Operating-basis results as defined by State Street.

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WTF is 'State Street Corp?' Never heard of them before.

Dunno, but they have a shiny new office block in Canary Wharf!

P111.jpg

Yum taxpayer cash, munch, burp!

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Dunno, but they have a shiny new office block in Canary Wharf!

P111.jpg

Yum taxpayer cash, munch, burp!

That is a computer graphic, very likely they have never existed but just set up to take all the money on offer. :ph34r:

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That is a computer graphic, very likely they have never existed but just set up to take all the money on offer. :ph34r:

No it exists, as I watched it being built.

2663016639_dd8ba38ec3.jpg

It doesn't look as good as the CGI though..

2663012603_c912d75216.jpg

Bear Stearns also had a new building built almost opposite.

Edited by HostPaul TAFKA Rover2000

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WTF is 'State Street Corp?' Never heard of them before.

Try reading the FT rather than the Sun. Contrary to popular opinion on this site, there is life beyond Goldman Sachs.

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Guest X-QUORK
Try reading the FT rather than the Sun. Contrary to popular opinion on this site, there is life beyond Goldman Sachs.

I think you'll find they're called Government Sachs now Dave.

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