No One Starving in the Fuld and Paulson Households
We already reported that Lehman head honcho Dick Fuld saw his bonus jump 34% in 2005 from$10.3 million to $14.8 million. By comparison, Goldman CEO Henry Paulson received no bonus but did get a restricted-stock award (isn’t that a kind of bonus?) valued at $30.1 million on top of 220,392 options. Mmmmmm, stock.
Lehman CEO Up 34%; Nil for Goldman [WSJ]
Mixing Strippers and Small Caps
We’re always suspicious about over-the-top expense account events (anyone remember Dennis Kozlowski?) so we’ll be keeping our distance from the good folks at Roth Capital Partners. For the past several years, the firm has been throwing a conference in Orange County that’s part small cap and part strip club. After hiring the Black Eyed Peas in 2005, the firm upped the ante by paying Snoop Dog God knows how much money to perform the the group of aging, pot-bellied fund managers and CEOs. The firm even decked out the conference center to look like the Pussycat Lounge at Caesar’s Palace in Vegas. And, as the accompanying video shows, the live dancers made the recreation all the more convincing.
Mixing Business with Hip-Hop [MSNBC]
Morgan Stanley Doubles Workforce in a Single Day!
Okay, maybe double is an exaggeration, but, come on, the bank has lost a friggin’ ton of people over the past several months. Morgan snagged Ashok Nayyar from Citigroup to be its co-head of leveraged and acquisition finance. The firm also brought over Martin Thorneycroft from Goldman Sachs to be an executive director in its European high-yield division. The hirings also coincide with James Gorman’s first week of work. As you may recall, Gorman has been sitting on the sidelines for six months since he bailed on Merrill Lynch. He is charged with reinvigorating Morgan’s lethargic brokerage division.
Morgan Hires Two from Rivals [NY Times]
Payday for Boondock Bankers
New York may center of the finance universe, but those bonus dollars go a lot further if you live in a place like, say, Charlotte, North Carolina. We’ve never been there--and can’t say we have any wish to visit--but Bank of America and Wachovia each have large presences there. And both banks are cutting their bonus checks this week, even though they told executives their “number” last month (gotta milk that float!). Few are expecting New York-levels of pay but “Most people are pretty upbeat,” said one anonymous Wachovia banker. “People are happy and looking forward to another good year,” said Matt Salisbury, co-founder of Edgeview Partners, a Charlotte investment bank.
It’s Bonus Time for Banktown [Charlotte.com]
