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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...
...next month or so, financial firms will decide what they will pay their employees in year-end pay. Bonuses at Goldman Sachs, for instance, are on track to average over $650,000 per employee. Many people will get paid much more. Johnson says if Hall had stayed at Citigroup he might have been the only person at a top bank to receive a $100 million payday this year. But plenty of other folks will come close. He estimates that about 100 investment bankers and traders will receive a bonus of $10 million or more...
...will doubtless continue to grow. But any new members will join a club whose rules, pretty much, are fixed. The years of debilitating internal argument are drawing to an end. (With one caveat; we'll get to that in a moment.) Europeans have their best opportunity for more than a decade to help shape international policy on pressing global issues...
...initiative, and in 2006, the group helped write the first laws making it illegal for husbands to abuse their wives and children. "For us as Arabs and Saudis and Muslims, you can't believe in these values and look at these stories and not want to put an end to them," Princess Adelah told TIME...
Imagine two restaurants, one at each end of a block. One is a famous four-star establishment, known for its fine cuisine; the other is a McDonald's, popular for its low prices and speedy service. If the élite restaurant opens a branch on every nearby block, it will lose its cachet as well as its customers. Likewise, if the McD's starts serving pricey, five-course meals, its fans will take a hike. That's the central notion of this illuminating book. Maney, a veteran business journalist, calls this dichotomy the "fidelity swap." He argues that there...