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Should bank bosses work for $1 too?

3 December 2008

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?

Comments (6)

If 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.

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Comments (6)

  • If 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.

    Arnold the Leftie 03 Dec 2008

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  • It's time for bank boards to get real. These people have lost money for shareholders. Why pay them anything at all?

    PK 03 Dec 2008

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  • Bank bosses should pay the taxpayers from their enormous payouts!

    ed 03 Dec 2008

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  • As if by magic, Reuters is reporting Citigroup senior executives have now agreed to forego their bonuses for this year.

    Sarah, Editor, eFinancialCareers 04 Dec 2008

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  • I 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 !!!

    Morgan 04 Dec 2008

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  • I don't think the executives should take any pay cut, and no salary and bonus package is ever to be considered excessive IF:

    - the executive managed to negociate it as such, and there is an independent renumeration board approving it, and communicating this to shareholders (full disclosure and transparancy)
    - the salary and package is clearly dependent on long term performance. This performance is both individual as well as company wide. A boss could still collect a hefty bonus in a declining economy, if he has outperformed given the circumstances. The crisis has made this almost inexistant, but should it exist, then NO, I repeat NO compensation should ever be capped. Even if they are hundred fold of the highest salaries paid today.

    Shery 20 Oct 2009

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