Obama’s $400,000 Cantor Speech Makes Him Wall Street's Newest Fat Cat

FOX BUSINESS: When he was president he called them “fat cats,” but now he’s likely thanking them for a huge payday.

Former President Barack Obama, less than 100 days out of office, has agreed to speak at a Wall Street conference run by Cantor Fitzgerald LP, senior people at the firm confirm to FOX Business. His speaking fee will be $400,000, which is nearly twice as much as Hillary Clinton, his secretary of state, and the 2016 Democratic Party candidate, charged private businesses for such events.

Obama has agreed to speak at Cantor’s health care conference in September and will be the keynote luncheon speaker for one day during the event, people at the firm tell FOX Business. These people say Obama has signed the contract, but the company, a mid-sized New York-based investment bank, is waiting to coordinate with the former president before making a formal announcement. » | Charlie Gasparinon, Brian Schwarz | Wall Street | Fox Business | Monday, April 24, 2017

High Pay Commission: Most People Believe Executive Pay 'Out of Control'

THE DAILY TELEGRAPH: Most people believe pay and bonuses for top executives are ''out of control'', according to a new study to coincide with a report which describes excessive high pay as ''corrosive'' to the economy.

A year-long inquiry by the High Pay Commission finds the pay of some top executives has soared by more than 4,000 per cent in the last 30 years, undermining productivity and ''damaging'' trust in British business.

The report criticised ''stratospheric'' pay increases which have seen wealth flow upwards to the top 0.1 per cent of people in the UK.

Average wages in the UK today are a ''modest'' £25,900 - up from £6,474 in 1980 - a three-fold increase.

The commission called for a number of reforms, including a ''radical simplification'' of executive pay, putting employees on remuneration committees, publishing the top 10 executive pay packages more widely, forcing companies to publish a pay ratio between the highest paid executive and the company median, and making firms reveal the total pay figure earned by executives.

The commission also said a new national body to monitor high pay should be established.

The report, Cheques With Balances: Why Tackling High Pay Is In The National Interest, showed that decisions to award huge pay packages are set by a ''closed shop'', shrouded in highly complex detail, effectively hidden from shareholders, staff and the public.

''Stratospheric increases in pay are damaging the UK economy - distorting markets, draining talent from key sectors and rewarding failure. Read on and comment » | Tuesday, November 22, 2011

My comment:

This is NOT capitalism! Capitalism rewards risk-takers. What risks do these executives take? They are in secure positions, and are rewarded with monopoly-figure salaries and bonuses even if they achieve little or nothing. This is unfair, corrosive, and a disincentive for others to take any risks or make any effort to better themselves. Faced with this scenario, why should anyone bother to make the effort to pull himself up by the bootstraps? This is a total disincentive to effort. And that's a very destructive situation for a capitalist economy to be in.

Further, it cannot be overemphasised that societies with such inequalities of wealth are a breeding ground for socialism, and even for communism. If you think that socialist/communist revolutions cannot happen in this day and age, and in this country, think again! Now do we really want to continue with this breeding ground for such a scenario? I think not. It is therefore high time to turn the screws on these obscene, vulgar fat cats. Tax them, until the pips squeak if necessary. The alternative scenario might well not be a pretty sight. – © Mark

This comment also appears here.

We Are Paid Too Much, Bankers Confess in St Paul's Survey
THE INDEPENDENT ON SUNDAY: As politicians shift ground on high earners, City workers admit public sector gets raw deal

British bankers have admitted that they are paid too much, a report into moral standards in the City of London will reveal tomorrow.

A survey of 500 workers in City financial institutions, carried out for the Christian think-tank St Paul's Institute, found that "a substantial number" believed they were overpaid compared with other professions – particularly frontline workers including teachers and, most of all, nurses.

The results will fuel continuing bitterness towards the industry over its culpability for the financial crisis and its apparent failure to rein in huge salaries and bonuses . Last night The Sunday Times reported the publicly owned Royal Bank of Scotland is planning to pay its investment bankers about £500m in bonuses.

The Archbishop of York, Dr John Sentamu, yesterday joined the attack on bankers' pay, claiming excesses in the financial sector had helped to create huge inequalities in wealth, "demonstrating how scandalously unfair our society is". » | MATT THOMAS, BRIAN BRADY | Sunday, November 06, 2011

Archbishop of York Attacks High-paid Executives

THE DAILY TELEGRAPH: Dr John Sentamu has attacked the salaries of top executives saying that huge differences between the rich and poor "weaken community life and make societies less cohesive".

Archbishop Sentamu, the second most important figure in the Church of England, said that excesses in the financial sector have helped to create huge inequalities in wealth, "demonstrating how scandalously unfair our society is".

Writing in the Yorkshire Post, Dr Sentamu called for a change in public attitudes towards excessive personal wealth as profound and rapid as moves against racism, homophobia and sex discrimination in recent decades.

He said: "If they [FTSE 100 chief executives] have a responsibility to their staff, it is hard to imagine a more powerful way of telling someone that they are of little value than to pay them one-third of one per cent of your salary.

"Top pay has been found to bear little or no relation to company performance, but even if it did, isn't the performance of a company dependent on the work and well-being of all its staff?

"Among the ill-effects of very large income differences between rich and poor are that they weaken community life and make societies less cohesive." » | Saturday, November 05, 2011

YORKSHIRE POST: Sentamu hits out at greed culture of fat cats: THE Archbishop of York has urged the Government to introduce a radical overhaul of the tax system and called for greed to be made as socially unacceptable as racism and homophobia. ¶ Dr John Sentamu claimed many of the wealthiest in society are avoiding paying their dues in a stinging attack on the growing divide between Britain’s rich and poor. » | Saturday, November 05, 2011

Dr John Sentamu: Our Unequal, Unjust Society... the Richest Are Getting Richer and the Poorest Lose All Hope
YORKSHIRE POST: WITH renewed public outrage at the excesses of the financial sector and the huge inequalities in wealth it has helped to generate, we are being confronted daily with new evidence of extremes of wealth and poverty, demonstrating how scandalously unfair our society is.

But how is this to be addressed? This is the urgent task for us all. The news that chief executives (CEOs) of the FTSE 100 companies last year received average pay increases of almost 50 per cent adds urgency to our cause.

Typically, these CEOs receive 300 times as much as the least well paid British employees in their companies. If they have a responsibility to their staff, it is hard to imagine a more powerful way of telling some people that they are of little value than to pay them one-third of one per cent of your own salary.

Top pay has been found to bear little or no relation to company performance, but even if it did, isn’t the performance of a company dependent on the work and well-being of all its staff?
Among the ill effects of very large income differences between rich and poor are that they weaken community life and make societies less cohesive.

If the concept of the Big Society is to become a reality, so that people come to know and take more care of each other, income differences must surely be reduced. No one wants a “dog eat dog” society in which people feel obliged simply to fend for themselves.

But over the last few decades, the gains from economic growth have gone disproportionately to those who already have most. In contrast, forecasts suggest that child poverty will increase. The danger is that rather than increasing equality of opportunity, social mobility will slow down and people will become more divided by class and status. » | Dr. John Sentamu | Saturday, November 05, 2011

Wall Street Protesters to RT: We Can Take Down US Fat Cats!

United Kingdom: Public Sector Rich List


THE TELEGRAPH: Public sector rich list: salaries of civil servants who earn more than PM: The pay of more than 170 senior civil servants who earn more than the Prime Minister have been disclosed as the starting point of a radical move towards more open government. >>> Robert Winnett, Deputy Political Editor | Monday, May 31, 2010

Fat Cat Civil Servants >>>

Once Again, the French Are Leading the Way*! French Billionaire Antoine Zacharias Faces Criminal Trial Over Pay Deal
THE TELEGRAPH: A French millionaire [billionaire?] has become the first person in the country to go on trial for being paid too much, in a ground-breaking move against "corporate greed".

Antoine Zacharias is facing criminal charges. Photo: The Telegraph
Antoine Zacharias is facing criminal charges despite the £90 million pay and pension deal being approved by his company’s directors.

He is accused of misusing funds by accepting the money to run Vinci, the world’s biggest construction company.

The sum was set by a remuneration committee chaired by Quentin Davies, Britain’s junior Defence Minister.

Mr Zacharias, 71, is the first French industry captain to face criminal charges over earnings and faces up to five years in prison and a fine of £336,000.

French bosses are anxiously awaiting the outcome of the two-day trial at the court in Nanterre outside Paris, as a guilty verdict could lead to a wave of prosecutions in France over executive pay.

France is notoriously mistrustful of its patrons, and the country was hit by a wave of “boss-nappings” last year in the wake of the financial crisis.

Under French law, company bosses can be prosecuted for misusing funds. However, this is the first time a case has been brought against someone who appeared to have acted within company rules on pay.

Hailed as France’s boss of the decade by the Harvard Business Review, Mr Zacharias transformed Vinci into a construction powerhouse, raising profits by more than 300 per cent and turnover by 81 per cent in six years.

But in 2006 he was ousted by his number two, and successor, who accused him of corporate greed. >>> Henry Samuel in Paris | Thursday, March 25, 2010

*We, the British, should follow suit, as should the Americans. In fact, this should happen wherever corporate greed is a problem. What about jailing and punishing severely those fat cat, greedy bankers? Five to ten years in the slammer would do them a world of good. It would sober them up. They would become examples for all the others just waiting to milk (shouldn’t that be cream?) the system. You’d soon find that corporate greed would become a thing of the past if these ‘can’t-get-enough-types’ were put through their paces in clink. Let the show begin! – © Mark

MPs Blast 'Ridiculous' Pay in RBS Bonus Row
TIMES ONLINE: Politicians rounded today on Royal Bank of Scotland (RBS), the state-owned lender, over its decision to pay up to £1.7 billion in bonuses to bankers despite making a £3.6 billion loss during 2009.

The bank announced today that it would pay investments bankers from a £1.3 billion bonus pool while other staff would share in a £400 million reward.

George Osborne, the Shadow Chancellor, said that bankers’ pay had reached “ridiculous levels”, adding: “We have just got to look at the whole banking sector and try to bring this pay down.”

RBS’s loss for the 12 months to December 31 is less than the £5 billion expected and far below the £24.3 billion loss that RBS reported for 2008, a record for any British company.

But Vince Cable, the Liberal Democrat Treasury spokesman, said: “RBS rewarding individual bankers is like a football team paying their striker for scoring when they’ve just been relegated."

RBS is 84 per cent owned by the British taxpayer after receiving billions of pounds of rescue funds from the state during the recession to save it from collapse.

The UKFI, the body set up by the Government to manage the state’s investment in British banks, yesterday granted RBS permission to pay the bonuses. >>> Francesca Steele | Thursday, February 25, 2010

Banks Defend Bonus Culture as Profits Jump
THE GUARDIAN: Barclays and HSBC made a passionate defence of the City's bonus culture yamid [sic] a growing public backlash about the return to a big pay bonanza barely a year after the government bailed out the financial system.

As criticism of bonuses crossed the traditional political divide, the banks compared their high-flyers to footballers and Hollywood stars to try to explain the need for the hundreds of thousands of pounds individuals are expected to receive this year. Neither bank gave figures about potential bonuses for investment banking staff, but a jump in profits in both operations led to speculation that huge pay deals will be awarded.

Profits at Barclays Capital, the investment banking arm of the high street bank, doubled to £1bn while at HSBC's investment bank the profits rose 125% to $6.3bn. Each bank reported overall profits of nearly £3bn despite a combined £13bn of bad debts caused by rising unemployment, making it more difficult for households and companies to pay back loans. Bank shares jumped sharply, pushing the FTSE 100 to its highest level this year.

John Varley, chief executive of Barclays, turned to footballers to explain bankers' pay while Stuart Gulliver, who runs the investment bank at HSBC, used Hollywood stars. Varley said: "The football analogy certainly goes some way I think [to explain bonuses] ... There is simply no higher priority that to ensure we field the very best people. That in a sense is exactly the same as a football manager if they are going to win. Our obligation is to ensure we pay appropriately."

Gulliver likened the situation to a Hollywood studio that not only paid stars for pulling in profits, but also many of the extras. "If a foreign exchange trader makes a deal then they know two days later how much they made. If it's a £5m profit, that is something we can count, we can see it, its real. And they are part of a successful team," he said. >>> Jill Treanor and Phillip Inman | Monday, August 03, 2009

Human Filth! Human Garbage!
MAIL Online: City bankers are set to pocket huge bonuses again, despite bringing the world economy to the brink of ruin.

Goldman Sachs yesterday promised thousands of staff - 5,500 of them in the UK - a 33 per cent pay boost after it returned to profit.

Other banks are expected to follow suit after benefiting from trillions of pounds in government bailouts.

Last night angry MPs condemned what they said was 'business as usual' for City fat cats. Goldman Sachs was accused of 'taking the mickey' out of taxpayers with such massive bonuses during a global recession.

The Wall Street bank, bailed-out with £6.7billion from the U.S. government only last October, has raised its bonus and pay pool for the first three months of this year by 17 per cent, to £3.1billion. Sachs of Gold: Six Months after Bailout Costing Billions, Greedy Bankers Reward Themselves with a NEW Round of Huge Bonuses >>> By Simon Duke and Olinka Koster | Wednesday, April 5, 2009

Fat Cats in Terror after Anti-capitalists Attack Fred the Shred's Home
MAIL Online: Security will be stepped up around fat-cat bankers after the home of disgraced former RBS boss Sir Fred Goodwin was targeted by vandals.

A statement claiming to be from the group responsible for damage at his £3million mansion warned of further attacks, saying: 'This is just the beginning.'

The threat sparked fears of a terror campaign against those blamed for the collapse in the financial system.

The concern is that anti-capitalist groups will copy the tactics of animal rights militants by directly targeting individuals they hold responsible for the credit crunch.

Tensions are already high, with anarchists reported to be plotting mayhem at next week's G20 summit in London.

Their intention is to paralyse the Square Mile by staging sit-in protests and storming financial institutions, with the Bank of England and RBS among the top targets.

Effigies of bankers will be hung from lampposts. Security adviser Dai Davies, a former head of Scotland Yard's Royalty Protection squad, said: 'Risk assessments will have to be carried out by the police on individuals who are concerned about their safety. If there is cause for concern then appropriate advice will be given and pre put in place.

'The developments at Sir Fred Goodwin's home will almost certainly make some other high-profile bankers want to review their own private security arrangements.' >>> By Stephen Wright | Thursday, March 26, 2009

THE GUARDIAN: Banks Braced for City Riots During G20 Summit after Attack on Sir Fred Goodwin's Home

Financial sector staff are warned to keep low profile / Former RBS boss 'shaken' after early morning raid

The last time bankers faced angry demonstrations, some responded by pouring champagne or photocopied £50 notes from windows, but it is unlikely that protesters targeting the City next week during the G20 summit will be met by similar shows of bravado.

Many staff are being advised to dress down next Wednesday and Thursday to avoid being marked out as City workers - if they cannot avoid the protests entirely by working from home. Others have been advised to avoid leaving the office to attend meetings.

Concern about possible violence heightened when the home of former Royal Bank of Scotland chairman Sir Fred Goodwin was vandalised early yesterday morning, leaving three windows shattered and the rear window of his black Mercedes smashed. An anonymous email was sent to media organisations shortly after the attack threatening further action against "criminal" bank bosses.

The former RBS boss, who had not been at home and is at the centre of a row over the size of his pension from the taxpayer-owned bank, was said to have been "shaken" by the incident.

Many in the City believe aggressive media coverage of the financial crisis has declared a virtual open season on financial sector workers.

The financial advisory group Bluefin, which employs 500 staff in London, has set up a phone line offering staff updates next week. Staff have been told not to go to its office in Mark Lane in the City unless absolutely necessary. "As a responsible employer, the safety and wellbeing of our staff is always considered of paramount importance," a spokesman said.

A UBS spokesman said the bank would continue to assess the level of threat as it got nearer the time. "We are telling people to be cautious. If you have client meetings, do you need to have them here? Some of the banks have said dress down or try not to move around. It is all pretty obvious. "It is quite co-ordinated among the banks. We all talk to each other. I think it is different if you are in a landmark building, some are more obvious than others."

Another banker complained that we "are in an era of the demonisation of financial services". >>> David Teather | Thursday, March 26, 2009

A Sorry Parade of Bankers Can't Put Things Right
The Government wrecked both our private and our public finances and if Gordon Brown doesn't get a better grip of the banking industry, the IMF will have to do it for him, says Michael Fallon.

‘We are profoundly and, I think I can say, unreservedly, sorry at the turn of events” was how the former chairman of HBOS put it. “I think I can say, unreservedly”? “The turn of events”? Only somebody as deeply immersed in the British establishment as Lord Stevenson of Coddenham could get away with destroying a great British bank, taking £17 billion of taxpayers’ money, and then offering up the kind of shaded apology more appropriate for somebody caught out by a sudden cold snap.

This won’t do, and the parade of hapless bankers in front of the Treasury Committee last week did not give us the answers we need to the crisis in British banking. Instead, we were shown a sorry picture of a sales-driven, deals-driven, bonus-driven culture wholly alien from the banks our fathers knew. >>> By Michael Fallon | Saturday, February 14, 2009

THE (SUNDAY) TELEGRAPH: Lloyds Plan to Pay £120 Million in Bonuses to Staff Threatens New 'Fat Cat' Row

Lloyds banking group has drawn up plans to pay about £120 million in bonuses to staff even as it teeters on the brink of majority state ownership, The Sunday Telegraph has learned.

Sources close to Lloyds said the bank had drafted the bonus proposals and was "in consultation" about them with UK Financial Investments (UKFI), the Treasury body that owns a 43 per cent stake in the bank.

The proposed payouts would be distributed among thousands of workers in Lloyds' retail and commercial banking businesses, who received about £150 million in bonus payments last year.

They are likely to inflame the growing row over City bonuses which was stoked last week by The Sunday Telegraph's disclosure that Royal Bank of Scotland, almost 70 per cent of which is owned by the taxpayer, was looking to pay staff as much as £1 billion in bonuses this year.

The disclosure comes as the Government and Lloyds attempt to find a way to pump billions more of taxpayers' money into the troubled bank without the Government being forced to take a majority stake. >>> By Mark Kleinman, Patrick Hennessy and Edmund Conway in Rome | Saturday, February 14, 2009

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