Bankers and prop desk traders are the working stiffs of modern finance, according to this article by NY Times’ staffer Landon Thomas Jr. The magic number these days is $500 million--a target achieved by such hedge fund luminaries as Stephen Schwarzman and Steven Cohen last year:
The lush payday has always been central to Wall Street’s lore. The canon of such deals includes the $500 million that Michael Milken got during his best years as a junk bond executive and the $20 million earned by the takeover lawyer Martin Lipton for two weeks’ work advising Kraft in 1988. But, as hedge funds and private equity funds have moved from finance’s periphery to becoming critical cogs in the Wall Street money-making machine, such levels of pay are becoming the norm rather than the exception.
For $500 Million Payday, Forget Wall Street [Herald Tribune]
I have no problems with these guys getting paid $450 million AS LONG AS they are making money for their clients.
If the fund managers do not make money for their clients, then they do not make money for themselves..
it’s pretty easy to understand..
people goff at the notion because they are freaking jealous and do not realize the amount of work, stress, and other errata that go into a 20% yearly gain.
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