Word: getful
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...executives. Officials at six of the seven asked him to approve base-salary raises for their top guns. He was stunned. "What I learned in this job already is that the gap between what Wall Street thinks is a reasonable paycheck and what Main Street thinks these officials should get is not a gap. It's a chasm," he says...
...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...
...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 and may be sold only after the firm has repaid...
...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...
...political paralysis in dealing with this remote, restive province is another sign, experts say, of the real power the military holds over the country's weak civilian government. "[Pakistani President Asif ]Zardari and his entourage understand what needs to be done," says Harrison. "But they have no ability to get the armed forces and the ISI to cooperate...