Paid Testimony: Update

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By Sara Clemence ⋅ 9:56 am February 12, 2009 ⋅ 2 comments

White Out Correction Yesterday, I estimated how much the eight bank C.E.O.s who testified in Congress were making for the day, using what I thought were the latest numbers. Turns out, I missed them being asked about their 2008 pay during the seven hours of questioning. (See video at The Business Insider.) So here’s an update.

The numbers are now far more human scale—Lloyd Blankfein, for example, goes from $250,000 per diem to $2,170. Looks like they are getting it, after all.

Goldman Sachs C.E.O. Lloyd Blankfein
2007 compensation: $73.72 million
Hourly pay: $35,104
2008 compensation: $650,000
Hourly pay: $310
Yesterday’s total: $2,170

J.P. Morgan C.E.O. Jamie Dimon
2007 compensation: $20.68 million
Hourly pay: $9,847
2008 compensation: $1 million
Hourly pay: $476
Yesterday’s total: $3,332

State Street C.E.O. Ronald Logue
2007 compensation: $20.57 million
Hourly pay: $9,795
2008 compensation: $1 million
Hourly pay: $476
Yesterday’s total: $3,332

Bank of America C.E.O. Ken Lewis
2007 compensation: $20.12 million
Hourly pay: $9,581
2008 compensation: $1.5 million
Hourly pay: $714
Yesterday’s total: $4,998

Morgan Stanley C.E.O. John Mack
2007 compensation: $17.65 million
Hourly pay: $8,405
2008 compensation: $800,000
Hourly pay: $381
Yesterday’s total: $2,667

Bank of New York Mellon C.E.O. Robert Kelly
2007 compensation: $14.05 million
Hourly pay: $6,690
2008 compensation: $1 million
Hourly pay: $476
Yesterday’s total: $3,332

Wells Fargo C.E.O. John Stumpf
2007 compensation: $12.84 million
Hourly pay: $6,114
2008 compensation: $1 million
Hourly pay: $405
Yesterday’s total: $2,835

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Tags: bailout, CEOs, politics, TARP, Wall Street

Discussion

2 comments for “Paid Testimony: Update”

I supposed your hourly rate is derived from 40hrs/week of work? (Sorry, too lazy to figure out your math.)

Anyway, what I’m trying to say is, I don’t think any of these so-called Leaders are working 40 hours/week at all.

By the way, nice blog and I enjoy reading it!

Posted by Anthony | February 12, 2009, 10:37 am
Hi Anthony! I have no idea how much they actually work, but figured in a 50-hour week. (And I assumed more time off than I’ve had in years.) The prior post has the details:

http://www.recessionwire.com/2009/02/11/money-for-nothing/

Thanks for reading!

Posted by Sara Clemence | February 12, 2009, 10:41 am

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