Wall Street pay packages … well, you know what they did

According to an analysis from Bloomberg, CEO compensation for the nation’s 50 biggest financial companies “collectively rose by an average of 20.4 percent in 2011 — a year when most big banks and brokerages saw their revenues, profits and stock prices plummet. The 2011 pay rise followed a 26 percent increase in 2010 for CEOs who held the same job in both years …

“Overall, 33 of the 50 biggest financial companies had negative share returns in their 2011 fiscal years, as they were buffeted, particularly in the second half of the year, by a series of crises that froze the deal markets.”

So let me see if I’ve got this financial CEO gig figured out:

In a bad year in which you produce negative returns for your shareholders and most Americans are just happy to have a job, you increase your multi-million-dollar pay package by an average of 20 percent. Over a two-year period, your already extravagant compensation jumps a total of 50 percent on average.

And of course, all this follows a really really bad year, a historically bad year in which all the high-risk bets that you place go wrong and threaten to bring down the global economy. The collapse is so complete that the federal government is forced to come in and bail out your industry with hundreds of billions of taxpayer dollars.

But do you feel the slightest bit chagrined or humble? Hell no. In fact, if the feds then try to insist on tighter regulations, telling you that they don’t want to have to bail out your sorry butts next time, you pout and whine about how you feel unappreciated and put-upon, and you then dump a few spare million into the campaigns of politicians who are willing to kiss your ring and tell you how wonderful you are.

Did I get that right?

– Jay Bookman

757 comments Add your comment

josef

June 5th, 2012
8:35 pm

JACK

Now there you’ve got my empathy…when I go over to iPad…the things I wind up saying I sure didn’t intend to!

Jack in Cumming

June 5th, 2012
8:35 pm

Drudge gets more hits then huffington

Jm

June 5th, 2012
8:35 pm

Common Sense isn't very Common

June 5th, 2012
8:36 pm

Jay

what are you seeing on the WI exit polls?

Jack in Cumming

June 5th, 2012
8:37 pm

Down goes old GOP and up comes the new conservative tea party driven republicans

josef

June 5th, 2012
8:37 pm

Common Sense

Well, you know our Prescient Leader already knew…

bman

June 5th, 2012
8:37 pm

How were they able to do a recall election?

Common Sense isn't very Common

June 5th, 2012
8:38 pm

Ipad+gin+josef=????????????????????

Jack in Cumming

June 5th, 2012
8:39 pm

Jay knew the Wisconsin results before they even happened. It’s why he blogs about those mean old wall street people and not an important election.

Recon 0311 2533

June 5th, 2012
8:39 pm

Not much has changed we have the lib posters upset that some people take the initiative to make money and sooth posting long laborious cut and pastes that no one cares to read. Just another night on Jay’s far-left blog.

Jack in Cumming

June 5th, 2012
8:41 pm

Obamaknows the results as well. That’s why he had six fundraisers in a day around but not in wisconsin

Jay

June 5th, 2012
8:41 pm

Common, polls close at nine. Turnout is massive, heavy in both D and R precincts. Wisconsin allows same-day registration, and they’re getting a lot of ‘em. That’s hard to poll. Also, a stronger-than-normal union turnout may be enough to make it very tight.

Jm

June 5th, 2012
8:43 pm

Recon

:)

I’ve never read a sooth post. You?

josef

June 5th, 2012
8:44 pm

Common

Not the best combination, I’ll grant that….

Jm

June 5th, 2012
8:44 pm

Anything can happen

As I said yesterday.

Getalife had already thrown in the towel

Jack in Cumming

June 5th, 2012
8:44 pm

If its so close why did Obama merely tweet support?

TaxPayer

June 5th, 2012
8:45 pm

If Scott Walker manages to hang on to his seat, will one of the Koch crooks call and make Scott wee-wee all over himself again. Then again, if Scott does not manage to hold on to his seat, will one of the Koch crooks call and make Scott wee-wee all over himself again.

Don't Forget

June 5th, 2012
8:47 pm

Sorry Jack, my real name isn’t “dont forget”. Duh, :lol:

Jm

June 5th, 2012
8:47 pm

9 ET I take it…….

josef

June 5th, 2012
8:47 pm

DON’T FORGET
I just caught that (a little slow on the uptake today, I am)…that was funny! :-)

JACK
It’s not nice to go attacking other folks’ Mamas…this is the South…that can get you hurt…

Recon 0311 2533

June 5th, 2012
8:47 pm

Jm, nope me neither…I don’t think many folks do other than sooth himself.

TaxPayer

June 5th, 2012
8:47 pm

Are the cons back on here bowing to Madoff AGAIN!

They BOTH suck

June 5th, 2012
8:48 pm

Yes DF

That was pretty funny……… Good one

getalife

June 5th, 2012
8:48 pm

jm,

The gop spent 40 million and the dems spent 4.

And you still lost.

Jm

June 5th, 2012
8:49 pm

Recon 0311 2533

June 5th, 2012
8:50 pm

Madoff was a Democrat.

Jm

June 5th, 2012
8:50 pm

Getalife

We can discuss the winner later, probably tomorrow

getalife

June 5th, 2012
8:52 pm

Tax,

Any billionaire will do.

red herring

June 5th, 2012
8:52 pm

jay—i disagree with 95% of your ideas and reasoning BUT you have this nailed on the head— as a person that believes in free enterprise and free markets—the government and the regulations from the SEC have allowed the big banks and wallstreet to milk the small investors dry. people with 401k’s and small people whose retirements are tied up in large govt/etc retirement plans don’t have a chance of winning. for 15 years i was invested in a large internet company (chambers ceo) that made profits and had good forecasts —all that time i lost money in that company even though the CEO and the board/etc got stock options/etc out the ying yang. the small/individual investor has little chance of succeeding and that has to change in order to get americans investing in america.
neither the democratic nor republican party has this right. the only party that is standing behind the small business/small investor is the tea party and we must get back to people working for their own personal improvement and investing —in order to do this we must hold the corporate executives accountable for their actions and their pay/benefits must come after–not before the owners of the company (the stock holders). obama set a very bad example with GM by allowing
the UAW to be paid off while the bond holders (aka as state retirement plans) were left holding the bag. we need hope and change but not obama’s type—-we need the hope and change our parents had back in the 50’s thru the 80’s—-that’s when america could prosper and children could hope to succeed. we need to implement plans that discourage welfare and having children in order to receive increased government benefits. that has led this nation nearly to bankruptcy.

Jack in Cumming

June 5th, 2012
8:53 pm

Mad off also went to bama

Jack in Cumming

June 5th, 2012
8:54 pm

The dens spent how much? Wow!

getalife

June 5th, 2012
8:54 pm

The dems won by making them spend so much money jm.

The November vote is what counts.

Jack in Cumming

June 5th, 2012
8:54 pm

I am sure the DOJ will make sure all votes are counted and everything is fair

Jm

June 5th, 2012
8:56 pm

Obama – Duncan are trying to push higher education cost transparency

Duncan may be the one good decision O made

TaxPayer

June 5th, 2012
8:58 pm

And Corzine. And Buffett. And Stanford. And let’s not forget Blankfein. He does God’s work. Cons just worship money.

TaxPayer

June 5th, 2012
8:58 pm

And Corzine. And Buffett. And Stanford. And let’s not forget Blankfein. He does God’s work. Cons just worship money.

They BOTH suck

June 5th, 2012
8:58 pm

Like most crooks, seems Madoff loved both Democrat and Republican alike. Probably Dem a little mroe

http://www.foxnews.com/politics/2008/12/15/madoff-hefty-political-contributions-officials/

Obama/Biden 2012

June 5th, 2012
8:59 pm

。☆ 。☆。☆
★。\|/。★
Obama 4 MORE
–Deal with it TroIIs–
★。/|\。★
。☆。 。☆。

Recon 0311 2533

June 5th, 2012
9:00 pm

The poles have voted in Wisconsin and soon the polls close.

Jack in Cumming

June 5th, 2012
9:00 pm

Actually the repubs win because they will have withstood union thuggery, a biased media in Madison and Milwaukee and weakened a parasitic group

Jm

June 5th, 2012
9:02 pm

Get

The con campaign well is deep

Bruno

June 5th, 2012
9:03 pm

for 15 years i was invested in a large internet company (chambers ceo) that made profits and had good forecasts —all that time i lost money in that company even though the CEO and the board/etc got stock options/etc out the ying yang.

red herring–If it makes you feel better, I made a losing pick with Cisco also. You have to figure that they are a good long term bet, but many question Chamber’s leadership.

As a side note, one of my classmates from college is largely responsible for much of their success. he wrote much of the router code that took Cisco from a small player to the dominant router company.

http://www.lightreading.com/document.asp?doc_id=117599

Jm

June 5th, 2012
9:04 pm

Will.i.am at jubilee

Funny

Common Sense isn't very Common

June 5th, 2012
9:05 pm

I made a lot of money in Crisco, then I got greased :-)

Bruno

June 5th, 2012
9:07 pm

Am I guessing correctly that support/lack of support for the WI governor breaks sharply along blog party lines?? I’m anti-union, and pro-consumer/pro-taxpayer, so I’m pulling for the guy.

TaxPayer

June 5th, 2012
9:08 pm

Will the Koch crooks be successful in their second bid for Wisconsin. I mean, what good is money if you cannot buy what you want with it. By the way, how much does a con go for these days.

Jack in Cumming

June 5th, 2012
9:10 pm

Me too Bruno. He has created a balanced budget, brought unemployment down well below national average and the poor whittle public workers still have jobs and better costed benefits the the mean ol private sector wmployees. But hey, let’s vote again!!

Jm

June 5th, 2012
9:10 pm

I made money on

Krispy Kreme
Radio shack
Nike
Georgia gulf
Outback
Cracker barrel
Wendy’s
And a bunch of companies you’ve never heard of…..

josef

June 5th, 2012
9:11 pm

Jm

June 5th, 2012
9:11 pm

Getalife
Media companies win :)

Cons win

Libs lose.

Jack in Cumming

June 5th, 2012
9:11 pm

Yes. Those evil billionaires need a spanking. Only those righteous union chiefs can save us with PAC money that taxpayers gave them

Bruno

June 5th, 2012
9:12 pm

I made money on

I was an investment “genius” in 2009, tripling my money in less than 6 months. Since then I’ve been pretty flat. A lot of that is due to lack of attention. Kind of hard to watch the market closely when you’re working all the time.

Did I mention how grateful I am to have a good job??

Jack in Cumming

June 5th, 2012
9:13 pm

Liberals always lose. It’s why they push for fairness

Jm

June 5th, 2012
9:13 pm

Bruno

I’m pulling for walker

Couldn’t vote but did donate

Jm

June 5th, 2012
9:15 pm

Bruno

Not a one year wonder

I make money every year almost

Didn’t lose much in 2008

Was short home builders then

Jack in Cumming

June 5th, 2012
9:15 pm

Walker ip 57-42!!!!! Wow! I guess cons bought a lot of votes!!!! Bwahahahaha!!!!

Bruno

June 5th, 2012
9:15 pm

Jack–It looks like Walker has a solid lead according to the very early returns.

Kudos to Jay in his recent column for standing up and taking it like a man. Only results count in the world of politics. No brownie points for second place.

josef

June 5th, 2012
9:16 pm

“Politicians and diapers have one thing in common. They should both be changed regularly, and for the same reason.” – José Maria de Eça de Queiroz

Jack in Cumming

June 5th, 2012
9:17 pm

Awesome! Wonder which state will be next in following Walkers blueprint for success.

Jm

June 5th, 2012
9:18 pm

Jack :) calm down. Wait…..

Jack in Cumming

June 5th, 2012
9:18 pm

What a beat down!

G Mare 71(PLEASE VOTE NO ON TSPLOST)

June 5th, 2012
9:19 pm

Results “too close to call” with one percent in.

Jm

June 5th, 2012
9:19 pm

Guys 0.3% vote is in

Take a long nap, check later

Common Sense isn't very Common

June 5th, 2012
9:21 pm

It seems that in the exit polls in WI even though Walker is winning Obama seems to be ahead of Romney so it seems to be a mixed blessing for all :-)

Jack in Cumming

June 5th, 2012
9:21 pm

I guess the one percent was the evil one percent they all drum about. :)

Mama Says

June 5th, 2012
9:21 pm

Let me ask a question please,

If government stopped putting taxpayer money into any business and allowed private investment to go toward what the public demands wouldn’t we be in a lot better shape with the federal budget ?

Non discretionary programs would be financed and we would have more money to spend on the discretionary spending.

And none of us would give a damn what Bank of America paid its CEOs

Tundra Dude

June 5th, 2012
9:22 pm

Wonder which state will be next in following Walkers blueprint for success.

Not so fast!
His blueprint is on the verge of turning orange….as in jumpsuit orange..
stay tuned…

Jm

June 5th, 2012
9:22 pm

Common

Romney’s campaign is just starting

If he’s close in Wisconsin, he could win it

Bruno

June 5th, 2012
9:22 pm

josef–I couldn’t hang around the “gay marriage” blog earlier today. Was it ever established whether the virulent Bible-thumpers oppose equal privileges for gay couples due to:

A. Latent homosexual feelings

B. Extreme narcissism

C. Some other reason

???????

Common Sense isn't very Common

June 5th, 2012
9:25 pm

Jm

True, but it’s not as if they haven’t heard his name up in the great frozen north :-)

josef

June 5th, 2012
9:25 pm

BRUNO

I had to check out on it early, too…gay family values interfered…had to go be grand pa with the lil “unnatural” pups…

Doggone/GA - 999.999.999.999 (preserving my anonymity)

June 5th, 2012
9:25 pm

Bruno – I think it’s safe to say the answer is yes ;-)

They BOTH suck

June 5th, 2012
9:25 pm

Bruno

D. All of the above

Bruno

June 5th, 2012
9:25 pm

Obama seems to be ahead of Romney

Common Sense–I was unsuccessful in getting Jay to put his money where his mouth was regarding Obama vs. Romney.

You want to make a $100 donation to the winner’s favorite charity bet?? I’ll take Romney even though he is still a solid underdog.

Tundra Dude

June 5th, 2012
9:25 pm

Obama knows the results as well. That’s why he had six fundraisers in a day around but not in wisconsin

Doesn’t need to.
The D candidate will win by 6-7 pct, bet on it!

Jack in Cumming

June 5th, 2012
9:26 pm

Jm is right. If inployment stays totally lame (which it will) and Romney picks a smart running mate anything it will be a bloodbath. In the past three years America has woken up. Compromising with liberals is not going to happen. That is why am elected a republican (not a real conservative) but a conservative non the less in a totally blue state.

Common Sense isn't very Common

June 5th, 2012
9:28 pm

Bruno

Since I can’t seem to find out what Romney plans to do other than cut taxes and raise defense spending. I will have to wait a while to decide who egts my vote.

Tundra Dude

June 5th, 2012
9:29 pm

osef–I couldn’t hang around the “gay marriage” blog earlier today. Was it ever established whether the virulent Bible-thumpers oppose equal privileges for gay couples due to:

A. Latent homosexual feelings

B. Extreme narcissism

C. Some other reason

???????

Great Q.
Even living down there, I never knew a single bible-person.
Hope someone answers…

Bruno

June 5th, 2012
9:30 pm

josef, Doggone and TBS–What bothers me about this issue is that one of the (supposed) pillars of conservative thought is equal treatment for all. Which is why I fully support gay civil unions on par with heterosexual civil unions, with all of the attendant benefits. Which is why I concurrently oppose hate crimes laws and Affirmative Action. At least I’m consistent, which is far more than I can say for some of the faux conservatives here.

Jack in Cumming

June 5th, 2012
9:31 pm

Great posts Bruno

They BOTH suck

June 5th, 2012
9:32 pm

Bruno

You been on this blog longer than I have so I am sure you have seen the inconsistencies from all political stripes. Just like real life.

Jack in Cumming

June 5th, 2012
9:33 pm

Gay marriage is something I side with left on. My wife and I are going to new York to support friends who are getting married. That being said, the whole debate is irrelevant in who I chose for a president. Jobs, spending and economy.

Bruno

June 5th, 2012
9:34 pm

Since I can’t seem to find out what Romney plans to do other than cut taxes and raise defense spending. I will have to wait a while to decide who egts my vote.

Common Sense–I’m still not convinced that is what Romney will actually do if he gets elected. I strongly suspect that he is simply saying what he thinks he needs to say to invigorate the Con base. Once in office, I suspect that he will take a realistic look at the financial bottom line and do the exact opposite.

They BOTH suck

June 5th, 2012
9:34 pm

Bruno

Since it is for charity, I will take that $100.00 bet if you will extend it.

Doggone/GA - 999.999.999.999 (preserving my anonymity)

June 5th, 2012
9:35 pm

“What bothers me about this issue is that one of the (supposed) pillars of conservative thought is equal treatment for all”

Yeah, well…that’s what is said. Personally, I prefer to go by what is done…not what is said. And I say, based on that…that some are definitely more equal than others.

Jack in Cumming

June 5th, 2012
9:35 pm

7% votes in and walker leads 58-41. Total bloodbath. If only Obama had done more then tweet his support….

Common Sense isn't very Common

June 5th, 2012
9:37 pm

Bruno

And therein lies the problem. With the current House absolutely NOTHING will be accomplished if he doesn’t follow through on his campaign promises.

Hard to envision what will happen if we have another 4 years of gridlock(absolutely no compromise) thanks to Grover

Jm

June 5th, 2012
9:37 pm

Bruno

I support civil unions too

But what is really at issue is “marriage”

It’s just a word, but a one with lots of meaning to many

I’ve come to terms with not caring about whether it’s ivil unions or marriage

You?

0311/8541/5811/1811/1801

June 5th, 2012
9:38 pm

josef

June 5th, 2012
9:38 pm

BRUNO

They do serve a valuable purpose in my life, however. When they get started it gives the good straight folks a chance to speak up and out and I am relieved to hear and see the numbers growing…and, quite frankly, that is scaring them…they thought they could count on the silent majority and they’re finding out they were wrong.

Jack in Cumming

June 5th, 2012
9:38 pm

Hopefully rney and the newly majority senate will work towards a balanced budget, deregulate the regulation that has hamstrung industry and pass laws that support free enterprise. Hopefully he won’t have to recall obamacare as the judges will have already done it.

Bruno

June 5th, 2012
9:40 pm

Great posts Bruno

Thanks, Jack. The only thing that irks me more than a Flaming Lib is a Hypocritical Con who gives the rest of us Cons a bad name. Equal means equal. I don’t give a rat’s ass what some 2000 + year old document says or doesn’t say. We live here and now, and everyone deserves equal respect/treatment.

josef

June 5th, 2012
9:40 pm

JACK

Thanks for that post…it just goes to show ya, ya nevuh know!

getalife

June 5th, 2012
9:40 pm

Soros spent 400 million and it was not to any pol.

david koch donated a million.

Jack in Cumming

June 5th, 2012
9:41 pm

Nothing gets passed in house. Nothing he’s written in senate. All will change in November when rhinos and lobs are replaced

Jm

June 5th, 2012
9:42 pm

Jack looking good

Don’t count chickens yet tho

Common Sense isn't very Common

June 5th, 2012
9:42 pm

Jack

What are your ideas for balancing the budget? What cuts would you make?
What regulations that hamstring industry would you repeal?

Bruno

June 5th, 2012
9:43 pm

Since it is for charity, I will take that $100.00 bet if you will extend it.

You’re on, TBS. And to prove that I’m a man of my word, I’ve already paid JamVet twice in advance of our Presidential bet. He’ll back me up on that. Of course, since we’ve seen two great concerts together with PB, we’re all winners.

Any other takers??

Jm

June 5th, 2012
9:43 pm

I will say if it turns into a walker win blowout, that looks bad for O

Jm

June 5th, 2012
9:45 pm

Bruno

Id take our bet, if I was on the other side, alas I’m not

TBS, want to double down?