Word: bankes
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Dates: during 2000-2009
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...Wall St.'s primary argument for keeping a high level of compensation for its best investment bankers and traders is that, if they leave, overall losses at banks could get worse. People can be profit centers. The most successful ones help offset the red ink created by the series of poor decisions that big financial firms made about mortgage-backed paper and commercial credit loans. It is easy to assess the value of the best traders by looking at a bank's books. (See pictures of TIME's Wall Street covers...
...According to The Wall Street Journal, Citi is asking to lift "pay restrictions that could break apart its legendary energy-trading unit." If the government turns the request down, it is indeed likely that many of these people will leave for hedge funds, start their own businesses, of join banks based outside the U.S. The bank is not making an idle statement. If critical people leave, so does critical income. (See pictures of the Top 10 scared traders...
...government is going to have to come to grips with the fact that banks have to pay the best bankers even if the idea is unpopular. There is nothing new in this argument, but it is extremely urgent that it be resolved. The results of bank "stress tests" are about to come out and some firms will be asked to raise capital. One of the banks' key arguments for keeping new investment to a minimum is that they have some divisions that are highly profitable and will contribute to earnings to help offset losses. Once the government takes away...
...economic issues with a group of U.S. senators, gave suggestions for U.S. recovery to a packed room of students, academics, and professionals at the Kennedy School yesterday. Dinkic said the United States has struggled so far because it has neither allowed failing financial institutions to fall nor given rescued banks enough money to jump start lending. Dinkic pointed to his own experience as governor of Serbia’s Central Bank, where he said he allowed four major banks to fold in one day in 2002 because the Serbian people had no confidence in them. Still, Dinkic expressed support...
...somewhat less than it appears. Unlike the U.S., where companies slash jobs at the first sign of financial trouble, many of Singapore?s largest companies are controlled by the government. Retrenchments at such government-linked giants as offshore oil rig builder Keppel Corporation, shipper Neptune Orient Lines, or DBS Bank are considered a last resort, after pay cuts, reduced employer contributions to retirement funds, and unpaid leave. A spokesperson for Singapore Airlines, for example, confirmed that in early April roughly a tenth of the airline's 14,000 employees had agreed to take unpaid leave. (See 25 people to blame...