"Let's see if I get this right. In exchange for their expertise and leadership skills, Wall Street CEOs and managers are paid millions, tens of millions, and in several cases, hundreds of millions in compensation. ... What leadership? What expertise? How could lower-priced leadership be any worse for Wall Street?," Vern Mastel letter to the WSJ, 21 October 2008.
"Retain top talent? What are you talking about?", John Krustins letter to the WSJ, 21 October 2008.
This is laughable. Where will Wall Streeters go? To hedge funds, half of which may fold in the next 24 months? Threats by this "talent" to leave should be greeted with, "Thank God. Now you get no severance pay". Wall Street's average compensation per employee is over six times the rest of New York's private sector, my 18 October 2008 post. Why doesn't competition on Wall Street reduce its compensation to that of the rest of industry? Where is "our" DOJ to prosecute what I conclude is a Wall Street cartel that facilitates this? Hey Mike Garcia, are you looking into this, or are you too busy prosecuting nickel and dime (ugh) crack dealers?