From 2006 through 2008, the 10 largest financial companies in the US awarded their chief executives a cumulative total of more than 560 million USD in cash, stock and options.
We lean back for some seconds, close our eyes and reflect on this.
Those firms – some of which are no longer among the 10 biggest – have lost a total of nearly 1 trln USD in market value since the end of 2006.
We lean back again.
The guy who published this in the WSJ then makes a personal remark:
…something is dangerously wrong with a system that showers riches upon good and bad leaders alike.
Are bankers on in the US or in Europe so much different? Yes, in terms of the amounts they are rewarded. No, in terms of earning much more than John Doe for no reason. These people are not more intelligent or more capable neither do they work much harder or are they more creative or innovative. On the contrary, they have to rely heavily on other people to know and/or recognize what’s going on in their own bank. Most of the time they don’t have a clue what their alchemists in the dealing room are brewing.
And when it start to storm they are not capable to guide their company for more than five minutes.
For starters: look to the Irish bankers…
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