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Feb 13, 2009 - 02:32 AM |
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More on Executive Compensation (and a few pointed jabs at investment banking) |
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Quote:
Why, Chairman Barney Frank, D-Mass., wanted to know, does anyone need multimillion-dollar bonuses on top of million-dollar salaries?
"If in good times you were told you weren't going to be getting a bonus, what part of your job would you not do?" Frank asked. "Would you, like, leave early on Wednesdays? Would you take longer lunches?"
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While there's no good answer for this one, it does demonstrate that Barney Frank's sarcasm never disappoints. It's also some food for thought given what I pondered over regarding the optimal point for CEO pay.
Also, for anyone who's looking for a dream job in the exciting field of investment banking, here's a few choice quotes to chew on:
Quote:
“I’d almost rather say I’m a pornographer,” said a retired Wall Street executive who, for self-evident reasons, asked not to be identified. “At least that’s a business that people understand.”
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Quote:
“Fact is that this [banking] is a terrible way to make a living — except for the money,” Ken Miller, a former vice chairman at Credit Suisse First Boston and now a private investor, said. “The lifestyle is terrible — the hours, the sucking up. These guys must feel like they’re the victims of a capricious god.”
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A stunning indictment if I say so myself and it's definitely not the stuff that they say during presentations and career fairs. After talking to bankers about the long hours (in some cases, over 100 hours a week unless you work at Deutche Bank in which case you work more like 120 hours a week) and the drudgery, I steered clear of banking and I'm the better for it. They have the money, but I'll take the quality of life, thank you very much.
It's also worth mentioning that most of the people from my graduating class who became i-bankers quit after two years.
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