Bye Bye Banks and Wall Street

[Kevy Baby]

Originally Posted by Alex

That said, big banks are national affairs and there is still a need to bring large geographically diverse groups of people together. And for the Wells footprint Vegas is reasonably central and reasonably cheap if you need to store 500 people for a few days.

I agree on that point. They just happened to be staying two of the more expensive properties in LV (the Wynn and Encore).

[Betty]

Little news snippet says Obama is limiting CEO salaries of those companies in dire straits to $500k. I wonder if that includes bonuses.

[Alex]

Originally Posted by Kevy Baby

I agree on that point. They just happened to be staying two of the more expensive properties in LV (the Wynn and Encore).

True, but I don't know what they're needs were or the deal they got. But I don't think the story would have been too much different if they were staying at New York New York (a craptacular hotel I had to stay in for every Wells event I went to) or even off strip.

[Moonliner]

Originally Posted by Betty

Little news snippet says Obama is limiting CEO salaries of those companies in dire straits to $500k. I wonder if that includes bonuses.

Yes. It includes all types of benefits except stock options. Stock options may be given in any amount but they cannot be traded until the amount of the loan has been payed back to the US Government.

However, it should be noted there are a few stipulations...

• This only applies to corporations that received extraordinary loans. Of the 300 or so corporations in the first go round, only three would qualify (AIG, Citi and Bank of America...)

• This only applies going forward. It does NOT cover loans already made.

• Corporations have the option to opt-out of the plan, simply by notifying their shareholders. The shareholders then get to vote on the issue but the results are non binding.

• As far as I can tell, there is no stiplation on what use any money saved from this plan would be used for. In theory it could be used to pay back the loan but it could just as eaily go for a corporate retreat to Tahiti.