Word: trader
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Critics contend that without the pay czar's oversight, Citi will again award outsize pay packages to its top executives. In 2008, despite steep losses at the bank, Citi reportedly paid energy trader Andy Hall $100 million. Indeed, a number of top Citi officials already seem to be cashing in on the bank's loosened pay restrictions. Earlier in the week, Citi, which lost $1.6 billion in 2009, disclosed that it had paid John Havens, widely seen as the bank's No. 2 executive, nearly $10 million in compensation for his work last year. That topped even the salary...
Herzberg also defended his group's experience in the field, noting that he and his brother Kenneth have spent decades in the investment banking arena, with Kenneth having worked at such firms as the Carlton Group and Madison Equities and Andrew having worked as a trader at Rosenthal & Co., and Societe Generale. "We have collectively been in the real estate business - the parties combined - for about 60 years." He adds that the program would not be financially viable in the current environment, though, without...
...Chinese immigrant parents. The stereotype is that immigrant parents want their kids to assume traditional doctor, lawyer, business-type positions. My dad was a painter, so he knew firsthand how difficult it was to make it as an artist. But at the same time he has been a stock trader too. Ultimately they are not disappointed. My father is an artist, and my mother is artistically inclined, so they know the draw of the arts...
...where a high level of Western cookery competes for tourist dollars. The six-month-old Sardine takes the experience one better: you can watch stalks growing under the stars while seated in a bamboo pavilion with massive thatched eaves handcrafted by artisans from an up-country village. It's Trader Vic's, only updated...
...intern, of course, wasn't the only one who was risking the firm's dollars. McDonald, himself a relatively junior trader, had a Lehman-funded trading account of $450 million. In the years leading up to the financial crisis, Lehman Brothers built up huge positions in real estate, derivatives and bonds. That all came crashing down in the fall of 2008, when the tumbling housing market and rising mortgage defaults caused the credit markets to seize up. In all, Lehman lost more than $32 billion from proprietary trading and principal transactions during the year and a half leading...