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...Cutting the Check In the end, he made more changes to the way executives get paid than to how much. That has disappointed some critics. Feinberg ended up boosting many of the executives' base salaries from last year's, though not as much as the firms requested. Total compensation dropped, but to most people, it will look like Wall Street pay as usual. Eight of the 12 highest-paid executives at Bank of America will get more than $5 million for their work in 2009. At Citigroup, 14 execs will get at least that much...
...Feinberg's big changes are in the form of payment, particularly on Wall Street. Gone are year-end payouts and AIG-style guaranteed retention awards. Instead, he devised a method of compensating executives: something he calls salary stock. Each pay period, the executives at Bank of America, GM and the other firms will get awards of stock along with their regular paychecks. The checks can be cashed immediately, but the executives may not sell the stock for up to four years. Also, bonuses are paid in restricted stock, which must be held for at least three years...
...Many people have praised him for his emphasis on long-term compensation. But a number of pay consultants say Feinberg might have gone too far in curbing year-end bonuses. "It is fair to say that some of the pay schemes promoted bad behavior and led to excessive risk, but you still need some sort of short-term incentive," says top-pay consultant Don Delves. "People do stuff for money, and they tend to be more motivated by money they can get in the next year [than by] money they may not see for three or five years...
...opened up a whole new subindustry for spammers, who trick users into surrendering their passwords and then use their accounts to plaster advertisements everywhere. Automated spam programs attack instant-messenger conversations too, randomly generating screen names and sending messages in the hopes they'll find someone on the other end. Bloggers aren't safe, either - makers of the spam-filtering tool Akismet estimate that 93% of comments on all blogs are spam; their software has caught more than 13 billion...
...Energy Finance's Ying. "If they have manufacturing capacity in China, they generate GDP, generate tax revenue, generate employment, I do not see a reason why the Chinese government would let them die," he says. "A parent may like one child more than the other, but at the end of the day I think they will continue to do well and continue to do business in China." With the rest of the global economy still stagnating, life as China's stepchild may be the best some international firms can hope...