Perdido 03

Perdido 03

Saturday, January 21, 2012

Hey Cuomo - Here's Your "Crisis In Accountability"

And guess what?

It isn't in public education:

Wall Street stocks and profits took a beating in 2011. But there is one corner of the Street that took a lighter hit: the compensation paid to chief executives.

Three big banks disclosed on Friday what their top executives will receive in deferred stock for their work in 2011. Such stock is expected to make up most of their bonus as banks are increasingly paying employees more in deferred stock. Those awards to top bank executives are coming as lower-level employees are finding out that their own bonuses will be much smaller than a year ago.

Brian Foley, a compensation expert in White Plains, said that for top executives, he would have expected “the belt to come in a few more notches” this year given the banks’ lackluster stock performance. He added that executive suite pay packages this year might further lower morale inside the banks.

“A lot of people in the middle took big hits this year,” he said. “It could create some big ‘us versus them issues’ as to why the rank and file are taking a bigger hit than the senior executives.”

It seems the people running the big banks - you know, the zombie banks that were so loaded down with debt that they had to be bailed out with billions in federal money and billions more in 0% interest free "loans" from Uncle Ben Bernanke and his Merry Fedsters - are still partying like it's 1999.

Bad year at the bank?

So what - I'm getting my big bonus and pay, says Jamie Dimon:

Shares of Citigroup’s rival, JPMorgan Chase, also had a rough year, falling almost 22 percent. Still, JPMorgan’s chief executive, Jamie Dimon, was awarded $17 million in equity-linked stock for his work in 2011, according to a regulatory filing. Last year Mr. Dimon received $17 million in equity awards around this time of year and his total pay for the year came to $23 million. His total pay is expected to be roughly the same this year, according to a person close to company but not authorized to speak on the record.

Where's the accountability there?

Ah, there is none.

This is very simply about people in power squeezing all the profit and productivity they can out of those under them and paying themselves lavishly no matter how their companies do.

The next time Cuomo says teachers are unaccountable, somebody in the press who doesn't have his or her lips around Cuomo's ass ought to ask our good governor what about accountability for the banksters?

1 comment:

  1. You just don't get it: in a high-tech banana republic, where politics is nothing more than managed perception, accountability, like taxes, is for the little people.