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...Street Journal, "The most stringent pay restriction bars any company receiving funds from paying top earners bonuses equal to more than one-third of their total annual compensation." That means that a trader making a modest salary of $400,000 who brings in $50 million in profits for his firm would probably be paid less than $600,000 under the new rules. Most traders get bonuses at year end. Successful traders can make $10 million or $20 million a year in exchange for pumping up their employer's bottom line...
...most obvious way for a financial firm to end run the new government rules is to give its top money makers huge base salaries and move the compensation system almost totally away from one that depends on bonuses. Congress and the Administration won't like that. Count on any attempts to change pay packages to keep compensation high to be knocked down before they gather momentum...
...Bank ownership becomes more complex when a firm owned by the government does something materially different from what its competitors in the private sector do. If bank owned by the government offers business loans at 3% interest, what does a foreign-based public bank like DeutscheBank do to match that? A government-owned bank can be driven, at least short-term, by policy and not profits. That puts financial firms in the private sector in peril whenever they try to compete. The relationship between a national U.S. bank and private banks both inside and outside the U.S. causes a series...
...Banks lend money to one another and charge interest in the process. The risk of borrowing from a firm owned by the government should be extremely low. Borrowing from a U.S. regional bank is, on paper, more risky. All inter-bank borrowing would almost certainly move toward taking money from the firms backed by the government balance sheet. Interbank lending among private banks could disappear...
...Inconvenient Truth, but its sponsors clearly hope that their appeal to Gore will do for malnutrition what his 2006 documentary did for climate change. "Gore is one of the most famous and media-savvy people on the planet," says Juan Nonzioli, creative director of the Shackleton Group, the advertising firm that designed the campaign for Action Against Hunger. "Just as he has used that power to raise awareness about climate change, we're asking that he use it for our campaign against hunger...