BBC (hat tip reader Paul S)
Times Online (hat tip reader Scott)
Salon (hat tip reader Scott)
Daily Kos (hat tip reader John D)
Paul Craig Roberts (hat tip reader Frank A)
(hat tip reader John D) Raw Story
Columbia Journalism Review
New York Times. It’s surprising and disconcerting that the New York Times seems unaware of the fact that pay was not hierarchical in investment banks, and that the big capital markets firms hew to that model (indeed, I’ve been surprised that the CEOs of late have garnered the top pay, since they are not producers). This is hardly a new trend. For instance, the second best paid person at Citibank in 1984 was the head of its money markets division, who was way down the food chain by traditional measures of how bankers were paid (number of people reporting to him, seniority, etc.). In the late 1990s, Lawrence Hilibrand at Salomon Brothers was best paid, at $23 million, vastly more than its CEO John Gutfreund (who I dimly recall made around $3 million).
Bloomberg. Read this and vomit. The reason big business criticize Obama’s policies is that they know how little stomach he has for a fight, that the more they demand, the more they will get. And I have to say, this plays into one of the themes of the book, how the expression “free markets” is intellectually bankrupt and serves as a Trojan horse for ideology.
Raw Story. Right, help to whom?
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