{"id":193782,"date":"2008-11-18T00:13:00","date_gmt":"2008-11-18T05:13:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/18\/this-will-only-hurt-a-bit-now-bend-over\/"},"modified":"2008-11-18T00:13:00","modified_gmt":"2008-11-18T05:13:00","slug":"this-will-only-hurt-a-bit-now-bend-over","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/18\/this-will-only-hurt-a-bit-now-bend-over\/","title":{"rendered":"This Will Only Hurt a Bit, Now Bend Over"},"content":{"rendered":"<p>Well, it looks like public pressure is working, because that&#8217;s about the only reason that the <a href=\"http:\/\/www.nytimes.com\/2008\/11\/17\/business\/economy\/17goldman.html?ref=business\">seven top executives at Goldman Sachs would send a memo to the board of directors asking for no bonuses this year<\/a>.<\/p>\n<p>Hopefully, this will spread across the industry.<\/p>\n<p>It&#8217;s also happening in Europe, where <a href=\"http:\/\/www.reuters.com\/article\/businessNews\/idUSTRE4AD6TT20081117?feedType=RSS&amp;feedName=businessNews\">UBS will not pay bonuses to top staff in 2008<\/a>.<\/p>\n<p>In fact, it&#8217;s going further, to change the incentives for a quick buck:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Starting from 2009, top managers&#8217; bonuses will be blocked for at least three years instead of being paid immediately and executives will receive variable pay if UBS results warrant.<\/p><\/blockquote>\n<p>Which means that the quest for a quick buck for a quick bonus has just become more difficult.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, it looks like public pressure is working, because that&#8217;s about the only reason that the seven top executives at Goldman Sachs would send a memo to the board of directors asking for no bonuses this year. Hopefully, this will spread across the industry. It&#8217;s also happening in Europe, where UBS will not pay bonuses &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1010,970,984,1004],"tags":[],"class_list":["post-193782","post","type-post","status-publish","format-standard","hentry","category-bureaucracy","category-corruption","category-europe","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193782"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193782"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193782\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}