Word: pays
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...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...
...gold paydays at financial firms are about to become a hot topic - again. In the next week or so, Kenneth Feinberg, the U.S. Treasury Department's special master of compensation who is scrutinizing pay packages at bailed-out banks, is expected to release a report on the 75 top pay packages at the seven firms that have received the most government support. Feinberg may say some of the salary deals are too rich and need to be reduced...
...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...
Read "Should Executive Pay Be Regulated...
...saver," says Dave Ramsey, author of The Total Money Makeover. Start looking at what you spend on cars, travel, cable and phone services. You may be able to save hundreds of dollars a month right there. Refinance the mortgage while rates are still low. Use any new savings to pay down your highest-rate credit cards first. An alternative approach is to target your smallest debts first in order to experience success and build momentum to pay off larger loans. Once you've paid off a debt, apply the full monthly savings to other debts and long-term savings...