Today, the NY Times looks at the plight of well-compensated financial executives who are having a cold holiday season. That's because they aren't getting a bonus this year (EVEN THOUGH THEIR BASE SALARIES HAVE INCREASED) and they're dubbed "the Zeros" by management. One senior executive says, "It’s a real headache," and to placate some whiners, "we’ll throw $20,000 or $25,000 at each of the Zeros so they’re not discouraged." more ›

Last week, Cravath kicked off bonus season for their associates and now Weil Gotschal (with over 1,200 attorneys) has announced that associates “will be paid 2010 bonuses that are commensurate with bonuses paid by peer firms.” So we're guessing that means it's going to exactly match Cravath, unless another firm decides to best them. We doubt that will happen, but we'd love to see a bonus war! Let's see some escalation! Moving on, here is the Weil Gotschal bonus memo in it's glorious, tepid entirety. more ›

Cravath just released their year-end bonuses for associates and it's looking...a lot like last year. Or this. Kicking off bonus season, the firm will be handing out $7,500 to first year associates. Given how much more firms have been billing, this payoff looks pretty sallow. Above The Law expects profits for partners to go up, however. That interlude of joy is just for the partners however, with this sad distinction for associates being drawn: more ›

The stock market is excited about the Federal Reserve's economy-stimulating decision to buy back $600 billion in U.S. Treasurys, but do you know what's really exciting Wall Street? The fact that bonuses are probably going to be up this year. After studying data, a compensation expert was amazed, "I did not expect compensation would come back the way it has. I underestimated the industry’s resiliency." The industry's resiliency to pay itself lots of money? more ›

Possible Senate candidate Harold Ford has been bashed by his likely rival for not disclosing whether or not he received a "taxpayer-backed bonus" from his job at Merrill Lynch. Turns out he didn't really need a bonus, because his unusual Wall Street contract promised him at least $2 million per year, regardless of his performance. more ›

Okay, so maybe not all Wall Street types are fat cats—but it was certainly a fatter year, as NY State Comptroller Thomas DiNapoli revealed that bonuses for 2009 were 17% higher, at $20.3 billion. His office press release states, "Total compensation at the largest securities firms grew even faster and industry profits could exceed an unprecedented $55 billion in 2009, nearly three times greater than the previous all-time record. In 2008, the industry lost a record $42.6 billion." more ›

A sour new press release sent from Senator Kirsten Gillibrand's campaign minutes ago is titled "Simple Yes or No Question: Did Harold Ford Jr. Dodge NY Taxes to Claim His Merrill Lynch Bonus in Tennessee?" But back in 2006, she was faced with a similar question, and gave no simple answer. Her Republican opponent for a seat in Congress asked her to release her tax records, but the Democrat put her foot down, saying she refused to be "bullied," reports the Post. Sounds familiar. more ›

Yesterday Bloomberg News ran excerpts from a forthcoming Bloomberg BusinessWeek story under the headline: "Obama doesn't begrudge bonuses for Blankfein, Dimon." The teaser article, which followed an interview with the President on Tuesday, included quotes like "I know both those guys; they are very savvy businessmen. I, like most of the American people, don’t begrudge people success or wealth. That is part of the free- market system." But the White House quickly hit back at Bloomberg News, claiming that Obama's bankster-friendly comments were taken out of context. more ›

Former Tennessee lawmaker, current Wall Street worker, and possible Senate candidate Harold Ford has already taken heat from his likely rival for not disclosing whether or not he earned a "taxpayer-backed" bonus for his work at Merrill Lynch. Now, he's taking heat from himself. Sen. Kirsten Gillibrand's campaign is circulating a video of a March 2009 appearance by Ford on MSNBC in which he says there is a need for greater "transparency" regarding banking bonuses funded with TARP money. more ›

After a record earnings year—and rumors of a $100 million bonus—Goldman Sachs CEO Lloyd Blankfein is receiving a $9 million bonus in deferred stock for 2009. Some on Wall Street think it's a "sign of restraint"—the Wall Street Journal characterizes it as Goldman "bowing" to criticism about executive pay. more ›

Sen. Kirsten Gillibrand wants her likely Democratic rival to tell voters if he received a "taxpayer-backed" bonus from his Wall Street job. Gillibrand is pushing former Tennessee lawmaker, current Merrill Lynch employee, and possible Senate candidate Harold Ford Jr. to say whether or not he received cash during a controversial round of bonuses at the end of 2008 from companies that were bailed out with TARP funds. more ›

Yesterday about 97% of the current employees at A.I.G. agreed to collectively accept a $20 million reduction in what was to have been a whopping $198 million bonus payout. Now it's just a modest $100 million, give or take a few mil. What heroes! But what about that other three percent who won't accept anything less than the fully gratuitous payout? And the 65 or so former employees who are demanding 100% of the promised bonuses—taxpayer and human decency be damned? Can Attorney General Cuomo get us their names and addresses and charter us a bus to Greenwich? more ›

Having payed back billions of taxpayer bailout dollars it borrowed and raked in $1.8 billion in profits last year, Goldman Sachs, that "vampire squid wrapped around the face of humanity," is getting ready to pay record bonuses to its top executives. Anonymous bankers in Davos for the World Economic Forum (WEF) told The Times of London that Lloyd Blankfein and other top Goldman bankers are about to get record-setting bonuses. "This is Lloyd thumbing his nose at Obama," said an unidentified banker at one of Goldman’s rivals. more ›

An outraged group of Wall Street brokers are finally fed up with feeling the government's oppressive boot on their necks, and they're getting organized to fight for their rights. Yesterday over two dozen brokers and traders held a rally to announce their new organization, Restore Wall Street, which is devoted to "bringing the pride back into Wall Street." You've got it all, Wall! Can a Fun Run be far behind? The rally/publicity stunt was held during lunch on the 23rd floor of 14 Wall Street, because, as one executive simply put it, "It’s cold out." more ›

Goldman Sachs announced record earnings today: According to the NY Times, "The bank said that for 2009, it earned a profit of $13.4 billion on revenue of $45.2 billion," and 4th quarter earnings of $8.20/share, beating estimates of $5.20/share. But the bigger news may be the fact that the bank started to slash its bonus pool. more ›

You've heard of slush funds, but what about lulus? Lulus are stipends given to members of City Council who lead committees, allowing politicians to take on a little extra responsibility and take home as much as $28,000 per year in extra cash on top of their $112,500 salaries. Critics say the money is really a payout to those who are loyal to Council Speaker Christine Quinn. more ›

As expected, Wall Street will resume giving its brokers and bankers big fat bonuses this year. A report from the state budget division estimates that $64.2 billion in bonuses will be handed out in 2010—that's $57 billion more than last year, though still $19 billion less than in 2008. But the crafty financial institutions have adopted an array of creative tactics to quell public outrage over bonuses: the latest strategy is to pay their workers in stock, reports Reuters, that way it won't show up on the tax bill until five years later. Also, guns! (Okay, fine, rumors of guns.) more ›

A new campaign finance report shows that Mayor Bloomberg spent a whopping $108 million to beat Bill Thompson in his third-term election. Bloomberg ran the most expensive personally-financed campaign in U.S. history, spending twelve times as much as his opponent. Of the campaign tab, large chunks of money went to rather unexpected places. And not just pizza! more ›

Today JPMorgan Chase is reporting that last year it doubled its profits over 2008, earning $11.7 billion, and generated record revenue, hauling in $3.3 billion in the fourth quarter alone. It's also reporting that it's earmarking $26.9 billion to compensate its workers, much of which will now be paid out as bonuses. You're welcome, America! The news comes as a Wall Street Journal analysis found that major U.S. banks and securities firms are on pace to pay their top employees a record sum, about $145 billion for 2009, nearly 18% more than they did in 2008—and slightly more than in the record year of 2007. But mean old President Obama wants to take that hard schemed earned money away, and that makes Bloomberg scared! more ›

To deflect criticism from the massive bonuses it will soon pay out to employees, Goldman Sachs is considering expanding a program forcing top earners to give a percentage of their salaries to charity, the Times reports. more ›

The city's richest man keeps living up to his big spending reputation — even after his poorer-than-expected performance at the polls. Despite fears that after his narrow third term victory, Mayor Bloomberg wouldn't pay out the big bonuses that his campaign staffers have come to expect, the Times reports that he's giving out "roughly the same generous checks to his staff as he did after winning office in 2001 and 2005 — 20 percent of each worker's total wages." more ›

A resident of a "luxurious small building" facing Central Park got some lip over a holiday tip, and turned to the UrbanBaby message board for advice: "So, I gave my doormen/ porters and handyman 60 dollars bonus each (times 11) and to the super, 100 dollars. One of the doormen complained about his bonus, saying, 'I love the card, not so much the contents.' I couldn't believe it. I wonder how much everyone else gave this year." And so the agonizing debate over whom to tip and how much rages on! One proposed solution for this particular contretemps? Re-tipping and apologizing to the doorman. more ›

According to Dealbreaker, outgoing Morgan Stanley CEO John Mack told employees he's not taking a bonus this year "citing market conditions and the extraordinary assistance the government lent to the banking industry... Mr. Mack has now foregone a bonuses for three years in a row, and last year, he received no raise, bonus or stock options. Since becoming chief executive in 2005, he has taken all of his bonuses in Morgan Stanley stock, not in cash." The Deal Journal says don't feel bad for Mack, suggesting that he's probably cashed in the tens of millions he's earned in stock since 2005. more ›

With populist rage still simmering over the global financial crisis, TARP bailout, and ridiculous executive pay, investment bank Goldman Sachs says many of its top executives will not be receiving cash bonuses this year. Instead, the NY Times reports, "the 30 executives will be paid in the form of long-term stock — an arrangement that means they will not get big year-end paydays, but one that could turn out to be enormously lucrative if Goldman’s share price rises over time." more ›

They say he runs the city like a business, so it's only fitting that after a poorer-than-expected performance in last week's election, Mayor Bloomberg's campaign workers are afraid they won't get big bonuses this year. In past elections, the billionaire former bond trader and media mogul has paid out-of-pocket bonuses of as much as $400,000 — "a highly unusual perk in municipal politics, a world not typically associated with lavish pay," the Times reports. But after defeating Democratic rival Bill Thompson by just 4.6 percentage points, campaign workers are starting to worry about paltry bonuses. more ›

Good news all around today! The unemployed will probably get another five months to choose a barrel-and-suspenders combo that doesn't make their butts look big, and a new study shows that Wall Street holiday bonuses are set to return to pre-recession levels. So everybody's happy, and there's no need for any pitchfork riots or bricks through Park Avenue windows. Go Yankees! more ›

If it's November, it's time to start dreading the Holiday tipping ritual. How much do you give the super or the doorman or—no joke—the sanitation worker? Well, if you're the board of directors at a tony co-op, the solution is simple: Nothing. A thread on the Urban Baby message board has sparked a vigorous debate about noblesse oblige during a recession, beginning thus:

SANTA CLAUS CAME EARLY!!! Just got a notice from our co-op board: "In response to past complaints about favoritism, and in light of the current recession that has dealt a significant blow to many of our shareholders, the board of directors of (XYZ Building) has implemented a strict "no tipping" policy for the building staff." THANK YOU SANTA!!!

Bank of America, which had posted a $3.2 billion profit last quarter, announced a $2.2 billion loss—$1 billion due to consumer defaults (CNN Money: "more and more Americans found themselves out of work and unable to keep up with their loan obligations") and paying the government and another $1.2 billion due to shareholder dividends. Departing CEO Ken Lewis said, "Obviously, credit costs remain high, and that is our major financial challenge going forward." more ›

Federal Judge Jed S. Rakoff rejected the $33 million settlement that the Securities and Exchange Commission accepted from Bank of America over the $3.6 billion in bonuses paid to Merrill Lynch employees. BoA, which acquired Merrill, knew Merill was about to post $9 billion in fourth quarter losses yet went ahead with the bonuses; Rakoff found that BoA "materially lied" to shareholders about the losses. more ›

Merrill Lynch's decision to hand out extravagant bonuses last year— as it was about to lose $15 billion in the final quarter—continues to cause problems for Bank of America, which acquired Merrill. Even though the Securities and Exchange Commission (you know, the agency that was supposed to keep tabs on Madoff) settled a lawsuit against BoA for the bonuses, to the tune of BoA paying $33 million, a federal judge has refused to approve the settlement! The SEC complaint said that BoA lied about letting Merrill pay as much as $5.8 billion in bonuses (Merill paid out $3.6 billIon), leading Rakoff to point out that if BoA did in fact break the law, then there's "something strangely askew in a fine of $33 million." He added that both companies "effectively lied to their shareholders... Do Wall Street people expect to be paid large bonuses in years when their company lost $27 billion?"—$27 billion is the amount that Merrill lost. And when a BoA lawyer pointed out that much of the bonus money was shared by people making an average of $91,000/year, Rakoff said, "I’m glad you think that $91,000 is not a lot of money. I wish the average American was making $91,000." more ›