Wednesday, November 11, 2009
It's all about compensation
Robert Benmosche has told the board of American International Group Inc. that he is considering stepping down as chief executive of the government-controlled insurer, just three months after taking the job, according to people familiar with the matter.
The executive is chafing under constraints imposed by AIG's government overseers, particularly a recent compensation review by the Obama administration's pay czar, Kenneth Feinberg, according to the people.
“I often hear references to higher compensation at Goldman,” said Mr Blankfein. “What people fail to mention is that net income generated per head is a multiple of our peer average. The people of Goldman Sachs are among the most productive in the world.”
Productive? Front run trades, and book that profit makes you productive?
I guess the moral of the story is--Just buy stocks--It will make you productive!
Posted by Palmoni at 8:31 AM