Word: bankes
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Dates: during 2000-2009
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...Citi, the controversy surrounding Hall's pay was about whether a bank that has received $45 billion in government assistance should be turning around and handing over big bags of cash provided by taxpayers, most of whom won't make one-tenth of Hall's annual salary in their entire lifetimes, to its employees. But now that Hall has left Citi, a larger question remains: Is anyone really worth $100 million a year, and what exactly do you have to do to deserve that much...
Reforms after the financial crisis were supposed to dramatically downsize what bank executives - including hotshot traders - get paid. But a year later, little seems to have changed. Banks, which have roared back to profitability this year, look poised to dole out billions of dollars in year-end bonuses for 2009. Alan Johnson, a top Wall Street compensation consultant, estimates that Wall Street Christmas pay will rise 35% from the figure a year ago. That means Wall Street bonuses could total as much as $19 billion...
...making it one of the premier company towns in the U.S. But as GM's fortunes have fallen, so have those of Flint. GM is still the largest employer in town by far, but its Flint payroll has dropped to fewer than 8,000. Meanwhile, the Genesee County Land Bank owns more than 4,000 vacant residential properties in and around Flint, which had 124,000 residents at the last census. Today, streets are mostly abandoned, the average value of a single-family home has dropped to $16,400 and the city's unemployment rate hovers at 27%, which...
Although he began his career as a lawyer at the prestigious firm of Cravath, Swain & Moore, Wasserstein eventually went into banking. When he joined the investment bank First Boston, he helped build the firm into one of the most prominent mergers and acquisitions establishments of the 1980s, according to media reports...
...Wasserstein—in conjunction with his partner Joseph Perella of First Boston—created Wasserstein Perella & Co., a smaller investment bank that was eventually sold in 2000 for around $1.4 billion...