Word: streets
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...make $100 million dollars on Wall Street, so the old joke goes, is to start with $200 million...
...answer to the first question, at least in Oxy's mind, appears to be yes. The answer to the later question is, once again, get to Wall Street...
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...
...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...
...problems, Wall Street still seems like a very good place to work...