Word: millioned
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Paying a $25 million or $30 million bonus to a Goldman Sachs or JPMorgan Chase or Morgan Stanley higher-up this year is obscene because none of these firms would exist if our government and others hadn't stepped in to save the world financial system. If these companies have all that money around, largely courtesy of us, they ought to send it to the U.S. Treasury. But paying a $250,000 bonus on top of a $150,000 salary to a worker bee is a different story...
...forget, too, that a fair number of Wall Streeters got wiped out because their wealth was tied to their firm's stock price. Dick Fuld, the former CEO of Lehman, had shares and options worth about $1 billion at their peak. He got less than $1 million when he sold them after the firm went bankrupt. (He still took home, before taxes, $490 million from his stock-based compensation, so don't cry for him.) James Cayne, CEO of the defunct Bear Stearns, was in a similar situation. If Fuld and Cayne had known their firms were as badly...
University officials may increase endowment spending by as much as $50 million this year in light of a Massachusetts state law passed this summer, but they have not yet decided how to take advantage of the new legislation, Harvard’s Chief Financial Officer Daniel S. Shore said in an interview this month...
...difference in available income from the endowment is about $50 million, Shore said. With an endowment payout rate over 6 percent, this indicates that the new legislation loosens restrictions on about $800 million of Harvard’s $26 billion endowment...
...four months later, the trial of el-Sherbini's alleged killer is being closely watched by Muslims across the world - not to mention Germany's 4 million-strong Muslim community - amid fears that anything but a severe punishment for the defendant, an unemployed Russian émigré identified only as Alex W., could spark more unrest. In Egypt, where el-Sherbini has been dubbed by the media as the "headscarf martyr," people are expecting "justice to be administered in a swift way," Ramzy Ezzeldin Ramzy, Egypt's ambassador to Germany, told al-Jazeera. (See pictures of Islam's soft revolution...