Word: traders
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Dates: during 1990-1999
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...their employees are whooping it up with perfectly rational exuberance: they are closing the books on their most profitable year ever. Year-end bonuses will surpass even those of the best years of the junk-bond infused, too-much-is-never-enough 1980s. "It's obscene," admits a bond trader, "unless you're on the receiving...
Even a lower-echelon dealmaker or trader could drown in this year's bonus pool, filled by the huge flow of investors' money into Wall Street and by auction-quality bidding for talent. "It's like Madonna or Michael Jordan," exclaims Alan ("Ace") Greenberg, chairman of Bear Stearns and one of the Street's franchise players. This year Ace scored bonuses, on top of his cheesy $200,000 base salary, adding up to $18,840,701 in cash, stock and what a proxy statement calls "other compensation," more than double the pedestrian $8 million he got last year. And that...
More typically, an investment banker at the managing-director level who earned a $1.5 million bonus last year will collect between $2 million and $2.3 million this year. A midlevel bond trader may well draw $750,000, about 50% more than in 1995 (which was a very good year). At Morgan Stanley, bonuses will increase anywhere from 30% to 40%, with the biggest checks going to investment bankers who handled stock deals, and mergers and acquisitions...
...torrent of refugees flowed past the little Rwandan village of Nkuli last week, Jonasi Ruziga stood in silence and stared. The numbers were overwhelming--more than half a million Hutu, alternately trudging through the pouring rain and panting under the tropical sun. Ruziga, a Tutsi trader, had an equally overwhelming reason for monitoring their passage. He was looking for the murderers of his children. "Yesterday evening I saw two of them," he said. "They passed here along this road. Then this morning I saw one more walking by. Just like that...
...year incumbent, Matsui is a no-nonsense legislator who mixes grass-roots values (in 1988 he sponsored legislation to give financial compensation to Japanese Americans interned during World War II) with progressive economics (he is a renowned free-trader and gets much of the credit for the passage of NAFTA). Voters in the Fifth District will find few reasons not to send him back to Washington...