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TOP STORIESShould bank bosses work for $1 too?Dec 3 2008COMMENTSIf anyone should work for nothing, it is surely the chief executives of the banks which are now reliant on taxpayer largesse. They should be paying the taxpayer for the privilege of keeping their jobs. Read all comments »The bosses of Ford and General Motors have offered to work for salaries of $1 a year if Congress approves the $27bn aid package they’re asking for.
It’s difficult not to draw a comparison with banks, where the US bailout alone currently runs at $700bn and counting, but chief executives have not offered to work for free.
Instead, the likes of Josef Ackermann and Lloyd Blankfein have agreed to forgo their bonuses, but will still collect their salaries ($600k in the case of Blankfein).
At Citigroup, which has received $45bn in bailout cash so far, chief exec Vikram Pandit is still expecting a salary and a bonus.
Has Detroit got the right idea? Is it time for a little more humility in banking pay?
COMMENTSArnold the Leftie, Equities, Wed Dec 03 2008If anyone should work for nothing, it is surely the chief executives of the banks that are now reliant on taxpayer largesse. They should be paying the taxpayer for the privilege of keeping their jobs. Join the debate »PK, Sales & Marketing, Wed Dec 03 2008It's time for bank boards to get real. These people have lost money for shareholders. Why pay them anything at all? Join the debate »ed, Wed Dec 03 2008Bank bosses should pay the taxpayers from their enormous payouts! Join the debate »Sarah, Editor, eFinancialCareers, HR & Recruitment, Thu Dec 04 2008As if by magic, Reuters is reporting Citigroup senior executives have now agreed to forego their bonuses for this year. Join the debate »Morgan, Investment Banking / M & A, Thu Dec 04 2008I bet those guys are positioning themselves for a great hike in compensation when economy boom kicks in ... anything to stay employable until it comes - would be worth this calculated move !!! Join the debate »Shery, Tue Oct 20 2009I don't think the executives should take any pay cut, and no salary and bonus package is ever to be considered excessive IF:
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