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While the amount Hall would have gotten paid is unusual even for Wall Street, how he got paid is not. Hall had a pay package with Citigroup that guaranteed him a percentage of the profits of his group. Recruiter George Stein of Commodity Talent says it's normal for traders to get paid as a percentage of their division's profits. Most contracts guaranteed traders around 9% to 11% of their group's profits, before compensation. What's unusual about Hall is that he reportedly receives as much as 20% of his unit's profits, which sets...
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...
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Rigali's argument was that allowing any insurance plan in the public exchange to provide abortion coverage - even if the abortions were paid for out of a separate pool - would constitute federal funding of abortion because some consumers would purchase those health plans using government subsidies. This fungibility argument shifted the issue from direct federal funding of abortion to indirect funding. And eliminating indirect funding of abortion is a nearly impossible standard to meet. Taxpayers already subsidize abortions through the tax break given to employers for sponsoring company-insurance plans, and technically any employer that receives a government grant...