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struggle street .....
Rudd calls for 'restraint' in golden handshakes …..
Prime Minister Kevin Rudd says it is disappointing that some corporate leaders do not show wage restraint.
The head of Macquarie Bank, Allan Moss, will walk away with a $50 million package when he retires later this month.
Mr Rudd has repeated his call for high-earners in the corporate world to show restraint at a time when many Australians are struggling.
'I would urge our corporate leaders to do that,' he said.
'It's disappointing we don't see it as much as we should.- By Gus Leonisky at 21 May 2008 - 8:39pm
- Gus Leonisky's blog
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what happened to gold watches?...
Moss retirement shocks investors
The sudden retirement of Macquarie Group CEO Allan Moss yesterday sparked a mass sell-off of shares in the investment bank, slashing its market price by nine per cent.
But Mr Moss, who was instrumental in the creation of the $18 billion corporation, moved to quell concern over his departure, saying he expects new boss Nicholas Moore to do an excellent job.
“I would not be retiring if this organisation were not in great shape,” he said. “And I would not be retiring if I were not able to hand over to an outstanding successor.”
Mr Moss’ retirement package is approaching $100 million in value, and he will continue to advise the company as a $500-an-hour consultant.
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Gus: Yahoo via Reuters put the retirement package at 80 million or such... I believe we all deserve the same... You know, the fair levelled playing field for being alive...
And $500 an hour as a consultant? That's super-cheap for one stroke of genius advice (about 5 minutes — one hour minimum) on making an extra billion bux on a new form of fuhedges...
Moss must have done something right not to fall into the Subprime trap that has made many banks bleed... I did not either (fall into the subprime trap) ...
Bonus for successful bankrupcy...
By David Prosser
Monday, 22 September 2008
Up to 10,000 staff at the New York office of the bankrupt investment bank Lehman Brothers will share a bonus pool set aside for them that is worth $2.5bn (£1.4bn), Barclays Bank, which is buying the business, confirmed last night.
The revelation sparked fury among the workers' former colleagues, Lehman's 5,000 staff based in London, who currently have no idea how long they will go on receiving even their basic salaries, let alone any bonus payments. It also prompted a renewed backlash over the compensation culture in global finance, with critics claiming that many bankers receive pay and rewards that bore no relation to the job they had done.
A spokesman for Barclays said the $2.5bn bonus pool in New York had been set aside before Lehman Brothers filed for chapter 11 bankruptcy in the United States a week ago. Barclays has agreed that the fund should continue to be ring-fenced now it has taken control of Lehman's US business, a deal agreed by American bankruptcy courts over the weekend.