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Boss Divvies Up $15M to Surprised Employees

Owner of bus company in Australia sells firm, feels generous

(Newser) - The boss of an Australian bus company dished out $15 million in bonuses to his employees. Ken Grenda sold his company and used the proceeds to give an average $8,500 to every one of his 1,800 workers. Grenda, 79, attributed his generosity to the typically enormous gap between...

Wall Street Bonuses to Plunge
 Wall Street Bonuses to Plummet 

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

(Newser) - The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader...

10 Fannie, Freddie Execs Rake in $13M in Bonuses

Meanwhile, Fannie employees suspended amidst federal probe

(Newser) - Fannie Mae and Freddie Mac execs banked Wall Street-esque paychecks this year for meeting what Politico terms “modest performance targets” in modifying troubled mortgages. Ten top executives at the two firms received a combined $12.79 million in bonuses, agency records show, and that’s not counting a second...

Congress Dished Out $6.1M in Staff Bonuses

Paychecks boosted as spending debate raged

(Newser) - Even as the austerity-conscious House was threatening a government shutdown earlier this year, dozens of representatives were giving their staff $6.1 million in bonuses, reports CNN . The bonuses were hard to track down, and were generally hidden as "other compensation" in expense reports, with Republicans handing out $908,...

JPMorgan CEO Gets 1500% Raise

Plus, see what other CEOs made in 2010

(Newser) - Jamie Dimon had a pretty decent year: The JPMorgan CEO, who steered his bank through Wall Street's meltdown and saw it emerge as arguably the healthiest US bank, took home $20.8 million last year. That's up roughly 1500% over his $1.3 million compensation package the year before, notes...

Transocean Execs Land Fat Safety Bonuses
 Transocean Execs 
 Land Fat Safety Bonuses 

Transocean Execs Land Fat Safety Bonuses

Company had 'best year in safety performance'

(Newser) - That minor explosion that killed 11 people and dumped 200 million gallons of oil into the Gulf of Mexico aside, it seems Transocean had a banner year in terms of safety. And to celebrate the "best year in safety performance in our company's history"—despite noting the "...

CEO Bonuses Shoot Up 30.5%
 CEO Bonuses Shoot Up 30.5% 

CEO Bonuses Shoot Up 30.5%

Some shareholders express disapproval

(Newser) - So far, it’s looking like 2010 was a banner year for CEOs. An analysis of disclosures released by 50 major corporations reveals that the median CEO bonus jumped 30.5%, the Wall Street Journal reports, significantly outpacing the companies’ 19.4% median net income growth. Some of the biggest...

Wall Street Pay Hits Record $135B

And revenues hit record, too

(Newser) - Wall Street shouldn't have much to grumble about: Total pay at publicly traded banks and securities hit a new high of $135 billion last year, reports the Wall Street Journal. That's up 5.7% from 2009 figures. "Things are shifting back to where they were before," says a...

Google Fires Employee Who Leaked News of Raises

It's a nice place to work, but ...

(Newser) - A really good day turned sour in a hurry for one Google employee. After getting the company memo announcing that all workers were getting 10% pay raises , the employee leaked it to Business Insider. A few hours later, Google honchos fired the unidentified leaker, reports CNNMoney . Google will neither confirm...

All Googlers Get 10% Raise
 All Googlers 
 Get 10% Raise 

All Googlers Get 10% Raise

Move likely to cost firm more than $1B

(Newser) - Google has given all its employees a little holiday surprise: a $1,000 bonus and a 10% raise starting next year, reports Henry Blodget at Business Insider . And, citing employee feedback, Google will convert a portion of their bonuses to their salary—though merit-based bonuses will still be awarded separately....

Teacher Bonuses Don't Help Test Scores

Vanderbilt study says pay raises have little effect

(Newser) - The way to increase test scores is not to give bonuses to teachers, say researchers at Vanderbilt University. A three-year study found that offers of bonuses as high as $15,000 did little to change results. The report leaves open the question of what will increase test scores, but it...

Wall Street Engaged in 'Elegant Form of Theft'

'Liar's Poker' author sees more sleight-of-hand going on

(Newser) - Wall Street trader-turned-critic Michael Lewis says the big banks are using an "elegant form of theft" to rip off taxpayers. How else to explain the notion of getting a government bailout and then handing out huge bonuses, he tells 60 Minutes in an interview airing tomorrow. Lewis, author of...

Morgan Stanley Boss: Bankers Are Overpaid

But that's not going to change unless Washington steps in

(Newser) - John Mack, chairman and former CEO of Morgan Stanley, says Wall Street overpays its bankers, but that won’t change unless Washington steps in. “I still don’t think the industry gets it,” he said at an event yesterday. “The issue is not structure, it is amount....

White House Splits Hairs on Wall Street Bonuses

'Don't begrudge' line taken out of context: aides

(Newser) - The White House is in damage control mode after President Obama told a Bloomberg interviewer yesterday he didn't begrudge Wall Street bankers their bonuses. He also noted that Wall Streeters don't make as much as star baseball players. The quotes were overplayed to make it seem like he approved of...

Obama Is 'Clueless' on Bank Bonuses
 Obama Is 
 on Bank 
paul krugman

Obama Is 'Clueless' on Bank Bonuses

Krugman: Comparison to baseball payouts is outrageous

(Newser) - Paul Krugman is among those seriously ticked off after President Obama declared he doesn't "begrudge" the fat bonuses going to bankers Jamie Dimon and Lloyd Blankfein. "How is it possible, at this late date, for Obama to be this clueless?" Krugman asks in his New York Times blog...

Why Wall Street Gets Paid So Damn Much
 Why Wall Street Gets 
 Paid So Damn Much 

Robert Samuelson

Why Wall Street Gets Paid So Damn Much

And why it's probably bad for society

(Newser) - Wall Street bankers may be a greedy lot, but their eye-popping bonuses are the result of math, not avarice. “Most of us are paid based on what we produce,” explains Robert Samuelson in the Washington Post. “By contrast, Wall Street compensation levels are tied to the nation’...

Wall Street Bonuses Ripe for Tea Party Rage

Big finance could face populist pitchforks

(Newser) - Bailed-out Wall Street execs handing themselves hefty bonuses this month should prepare for outrage not only from Dems inside the Beltway but from tea partiers, who hold their first convention in Nashville next month. The rage that has been focused on big government and health care reform could easily swing...

Goldman May Force More to Donate to Charity

Face-saving program would be similar to 4% rule at Bear Stearns

(Newser) - As Goldman Sachs prepares to lavish spectacular bonuses on employees this month—based on record profits of about $12 billion for 2009—the investment bank is mulling a face-saving program that would require more employees to donate to charity. Goldman already has such a program, which targets about 400 top-earners....

Wall Street Weighs Huge Bonuses Vs. Public Wrath

Small signs of restraint as bonus season begins with record profits

(Newser) - Wall Street this week enters that cash free-for-all known as bonus season with quite the dilemma hanging overhead: How to distribute the billions in record-breaking profits reaped this year without incurring public wrath? Goldman Sachs expects to give out an average of $595,000, the New York Times reports, and...

AIG Execs Ignore Vow to Return Bonuses

Only $19M of promised $45M has been repaid

(Newser) - Execs at the AIG division responsible for the company's downfall have decided they deserve those hefty bonuses after all. Top earners at the bailed-out company promised to return $45 million in bonuses by the end of this year amid public outrage at the payments, but only some $19 million has...

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