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Wells Fargo Team News: Compensation Increases For The Brass, TARP Repayment Imminent
Surely the increase in "compensation close to the average pay for similar
executive roles at peer group companies"
is very much deserved, and Zero Hedge approves the very prudent decision by WFC's board of directors. None of this would be made possible without the generosity of taxpayers and Bernanke's plan to bog America in trillions of unsustainable debt for generations to come (aka the steep yield curve). Look for WFC's TARP repayment announcement coming to an 8-K near you any day now.
Wells Fargo internal memo:
Team News: Wells Fargo Senior Leaders Receive Pay Increase in Stock
Cannot be sold until U.S. Capital Purchase Program investment re-paid
Wells Fargo & Company’s (NYSE: WFC) Board of Directors approved
increases in the 2009 annual base salaries of President and CEO John
Stumpf and three other executive officers. These increases will result
in total annual compensation close to the average pay for similar
executive roles at peer group companies and are payable, after taxes and
other withholding, entirely in Company stock which the executives cannot
sell until Wells Fargo repays the U.S. Treasury’s Capital Purchase
Program (CPP) investment in the Company.
The cash salary for Stumpf will remain at $900,000 and he will receive
an annual salary in stock of $4,700,000. Stumpf received a grant of
108,528 restricted share rights (RSRs), which will begin to vest in
2011, also subject to prior repayment of CPP funds by the Company. Upon
vesting, each RSR will entitle him to one share of stock. The Board also
approved increases in 2009 annual salaries in stock for:
* Dave Hoyt, senior executive vice president (SEVP) and head of
Wholesale Banking, of $3,166,667, with his cash salary remaining at
$700,000;
* Mark Oman, SEVP and head of Home and Consumer Finance, of $3,266,667,
with his cash salary remaining at $600,000; and
* Howard Atkins, SEVP and chief financial officer, of $2,639,156, with
his cash salary remaining at $700,000
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As CEO of Wells Fargo, I would like to thank my Marxist friend Obama and his fellow American criminals (emmanuel, axelrod, summers, geitner, orszag, berhake, shapiro, feldman, barokfsky, cass summstein,volker, schumer, pelosi,bair). Thanks to all you idiot new yorkers from Harvard and all your moronic wisdom. May you all receive the gas chamber for your crimes. It was a real shame it was only two planes. should send the whole AA fleet into Manhattan.
Nvmd
you are a fucking moron for evoking of 9/11
why are there any sacred cows at this point? ... what could possibly be sacred in a world that has gone over the edge?
The powers that be in NYC (and elsewhere) are showing the same callous disregard for human life that OBL and his cronies have shown in the past. Just because they don't pull the trigger doesn't mean that they are not taking actions that will bring real physical harm on far greater numbers than the terrorists ever did. Today's grotesque corruption and inequities will surely lead to much more violence. Employing 9/11 as a rhetorical device to connect the grand financial fraud with the violence it will spawn is ok by me.
Indeed. What's worse is that this compensation is "modest" compared to 8 and 9-digit pkgs for IB scum. The real outrage is that no one's flown a plane into 85 Broad St or any of the other corporate kleptocracy strongholds.
I'm sorry I don't share your intellectual detachment for the invocation of rhetorical devices. After almost 8 years, there are many people, myself included, who labor every day to overcome events on Sept. 11. I share your frustration over many of our current issues, but I live with the losses everyday... cousins,neighbors,clients,colleagues,etc. Couple that with the dramatic loss of employment downtown and the tumult of the markets and maybe you'll get feel for things in my shoes. So, in my eyes this is a sacred cow. The world may have gone over the edge, but that doesn't mean we have to.
http://www.businessweek.com/magazine/content/09_33/b4143020536818.htm
..."that banks once again are making dangerous loans to borrowers who can't repay them and selling toxic investments to investors who don't understand the risks—all of which could cause blowups in the banking sector and weigh on the economy. "
As a taxpayer, I am tired of the big bank bailouts only to watch them return to the same dangerous behavior that brought the global economy to its knees. They have learn a very profitable lesson, the bigger the risk the bigger the profit and failure is not an option because the taxpayer will always bail them out.
Where is the FED regulation that prevents this behavior? Obviously, the FED is not capable of regulating the banking industry.
Congress needs to regulate and establish another agency to protect the taxpayer. A strong message should be sent that no company is "too big to fail". Otherwise "moral hazard" is only an empty slogan. We need regulation to takeover and unwind the big banks. We need consumer protection.
That the banks have returned to this business practice should be no surprise now that the government is willing to buy their toxic debt. Everyone knows that profits are easily made if you don't have to pay your debts.
How else do you think these banks can generate enough money to pay multi-million dollar salaries to their CEOs? The basic business of banking - taking deposits and making plain vanilla loans - would hardly justify the salaries of these geniuses (let alone the stock prices of their companies).
The NEED to take advantage of the "government put" to generate enough money to justify these lofty values. Otherwise they would have to get buy on maybe 500K a year.
To quote Dick Grasso... "I'm very grateful"...
It's nice to see the system is working.
Ironically, these guys are the most deserving out of all the TARP banks. They actually are a "bank" (ie. they lend to the average American), rather than some securities firm which uses TARP funds to support corporates or their own self-interest.
These thieving bastards are really starting to piss me right the fuck off.
Sure, its stinks, and the guys who were executives when the bank needed the bailout should be fired. But, if you dont pay your executives comperable to competitors, you will lose them. Pay them less, and talent like you see at the top of the SEC/FINRA will be running the government backed companies, and we as taxpayers will surely lose our money. I hated the bailout, but if you are going to bail them out you have to keep them competitive or there is no point.
They're morons...let them go and get some fresh management
Deserve is a word devoid of meaning in this context.
In the context of the bailouts/backstops for the upper 1% of the population, why is this a surprise? Compensation caps are merely talking points whose sole purpose (as near as i can tell) is to keep the majority of the american public in full apathy mode.
Middle america got cash for clunkers. CEO's get paid to take middle american's tax dollars and backstops (in perpetuity?). Sounds like a fair trade n'est-ce pas?
Anon 27175
While you are within your rights to say what you wish, your comment about the planes strikes a nerve. I'll speak for myself when I say that I think about Sept. 11 every day as I go to work downtown. You wouldn't be so cavalier if lived through it.
agree and +1
And Marla this is exactly why registering should be required in order to post comments and participate in discussions ....
anyone just catch fabar discussing the major coordinated short squeeze on AIG yesterday?
no borrow anywhere today.
but really the +70% was on improved earning expectations for AIG...
improved earning expectations for AIG.
they probably expect to lose only 50 billion dollars next year so that is clearly a sign that we are out of the recession and ready for a rampant growth ..
OT: I don't like the smell of this
http://www.globenewswire.com/newsroom/news.html?d=170818
http://fundrace.huffingtonpost.com/neighbors.php?type=name&lname=Sucharow
http://www.communityrights.org/Newsroom/crcInTheNews/WE_2_13_08.pdf
Repaying will never change the fact that these bankers, traders, and firms went to the government for a WELFARE payment. These bonuses were bought using taxpayer government money. This is NOT capitalism.
How many people would have loved to have free money from taxpayers and government. You lose your job, but pull out your "government taxpayer support" card and your company gets to keep operating.
So WFC will always be a Russia-style communist welfare company to me. They are getting bonuses when other firms didn't get the chance to make the profits and clean up their mess.
It's really all unbelievable to me. How many firms were ready to step in (under a free market) and clean up? Countless. And WFC used government money to protect themselves.
the comments here look more like dealbreaker then reasoned commentary. pity to see a well thought out blog apparently read by a group of semi literate bigots
your grammar skills are in line with your intellectual ones
Ohh. Take a look at those GoldmanSachs computer systems sniffing up all the buy and sell orders on AIG. Kicking in to squeeze the shorts out. You can't be right unless we allow you to be right. Don't you love a financial system that's based on the pure simple rules of I win! When this wet dream ends someones going to have to wash the sheets.
I say we get new sheets and burn the old ones.
Haha. I think you might be right. I think I hear someone named Bubba mumbling something about you shore got a purdy I/O port there. You like kinky numerical methods. :D
I wrote a short song to describe this sort of thing. You must sing it with a high pitched, annoying, staccato voice.
I suck at my job
I lose my company billions of dollars
I get bailed out by the government
I keep my job and pay myself millions in bonuses
Now that was damn funny. I can't get the real high note though but I can imagine.
JonML
please use spellchecker before lashing out at us semi-literates >)
There is no great talent that needs retaining in the current financial sector. Any petty criminal with no sense of right or wrong can do what they do.
Good Morning Children:
As we borrow and spend our way out of bankruptcy, the danger of the next black swan event is rising. A small deviation in this massive derivative prymid scheme will be all it takes to finally push us into the abyss. Upon the realization that this is still about the unsustainable derivatives bubble being worthless (insolvent we are), and yet to expode, it will it take a .5% correction leading to a 1%, 2% correction then it all collapses. Tens of trillions of dollars will evaporate overnight, one of these days. Poof!
They can have all their worthless Mamon, the wretched souless bankers.
What competitors. Wells Fargo is spending all of their time cooking the books and digging out of a swamp.
Join the creative field of accounting. Must show style flair, be proficient in drama and deceipt techniques. Let them call you dry humorless bean counters. Accounting has gone HOLLYWOOD. Change the writeoffs of a company but just declaring that you think you'll get the money back from those 120,000 accounts. Change the world with accounting. By lying about you really think is going to happen.
The anger here is missplaced. Please focus your anger on the true criminals here, they are the politicians we voted into office. Politicians encouraged bankers to make risky loans (Community Reinvestment Act). It is the politicians who repealed legislation which separated bank holding companies from other financial institutions (Gramm - Leach - Bliley) and allowed the creation of "to big to fail" corporations. It is politicians who, through the lack of effective regulation (Regulatory capture?) allowed all the "off balance sheet" nonsense. And when the house of cards began to collapse, it is the politicians who have taken billions of dollars from taxpays (against their will) and gave it to these banks. Please vote wisely in 2010 and 2012.
Manhattan has declared War on the rest of America. They are stealing from us at gunpoint. bribing Obama and his Marxist gangsters to receive their trillions. And taxpaying american have to fund it. What can we do? Other than wish manhattan to be vanquished into powdered dust. The world would be a better place. america would be better off. Yet, any protestors are labeled "terrorists" and nazis" by that criminal Nancy Pelosi who chose to side with her New York sheister relatives. why do they hate us so much?
"Wall Street banks and lawyers could collect nearly $1 billion in fees from the New York Fed and AIG to help manage and break apart the troubled insurer, according to a Wall Street Journal analysis."
I hope these fucking snakes choke on Wachovia and the infamous $125 billion GoldenWest option arm portfolio. Oh yea, you couldn't pay out incentives to employees because you were tarp recipients...but its ok to pay the execs? These fuckers are scandalous and please don't do business with them.