Y*****2
发帖数: 38613 | 1 http://dealbook.nytimes.com/2011/03/02/s-e-c-proposes-crackdown
Lavish Wall Street bonuses, long the scorn of lawmakers and shareholders,
have met a new foe: the Securities and Exchange Commission.
The agency on Wednesday proposed a crackdown on hefty compensation awarded
at big banks, brokerage firms and hedge funds — a move intended to rein in
pay packages that encouraged excessive risk-taking before the financial
crisis.
The proposal would for the first time require Wall Street firms to file
detailed accounts of their bonuses with the S.E.C., which could then ban any
awards it deemed excessive. The rules would be aimed at top executives and
hundreds of rank-and-file employees who receive incentive-based pay.
The move by regulators to have more say on Wall Street pay highlights the
huge role financial institutions play in the economy. Although it would be
highly unusual for the government to review the compensation of executives
in most other industries, big banks pose a systemic risk to the system and
in 2008 pushed the economy to the brink.
The S.E.C.’s plan, which closely resembles regulations already floated by
the Federal Deposit Insurance Corporation, is mandated by the Dodd-Frank
financial regulatory law. The proposed curbs on compensation ultimately will
span seven federal agencies that regulate a wide range of financial firms.
The S.E.C.’s three Democratic commissioners voted Wednesday to move forward
with the rules. Their decision came over the objection of the S.E.C.’s two
Republican commissioners, who contended the agency was overstepping its
authority.
The party-line vote is noteworthy in that it mirrors a similar partisan
battle playing out on Capitol Hill. Republican lawmakers have threatened to
slash the S.E.C.’s budget to keep it from enforcing the Dodd-Frank act, a
product of the previous Democrat-controlled Congress.
Troy A. Paredes, a Republican commissioner on the S.E.C., argued that the
agency was “not well-equipped to prescribe rules that dictate the specifics
of how individuals must be paid.” The restrictions, Republican
commissioners warned, could keep firms from recruiting star employees.
Even Mary L. Schapiro, the S.E.C.’s chairwoman, acknowledged that the
agency might tweak its proposal down the road.
“This is an area where we want to be very attuned to unintended
consequences,” she said in a statement. “As with any such undertaking,
there is a challenge involved in finding common means to appropriately
address Congress’s mandate.”
But Congress left little wiggle room for the S.E.C when writing the Dodd-
Frank act. And significant changes appear unlikely now that other regulatory
agencies have proposed similar rules.
“There could be a lot of pushback, but I don’t know how much leeway there
is,” said David Lynn, a former top lawyer for the S.E.C.’s corporate
finance division. “It’s like standing in front of a train — it’s coming,
” said Mr. Lynn, who is now a partner at the law firm Morrison & Foerster.
Investor advocates and shareholders had a mixed reaction to the S.E.C.
proposed compensation restrictions.
Amy Borrus, deputy director of the nonprofit Council of Institutional
Investors, noted that “having to report bonuses may help provide that extra
dollop of caution.”
But Anton V. Schutz, manager of the Burnham Financial Services fund, which
holds stakes in several big banks, called the proposal “extreme” and said
it would tax the S.E.C.’s already strained resources.
The S.E.C.’s plan is the culmination of a decade-long effort to temper Wall
Street’s free-wheeling pay practices.
Lawmakers have taken aim at executive compensation as a leading cause of the
financial crisis. Incentive-based pay packages, critics say, invited
questionable risk-taking at the American International Group and the nation
’s big banks.
During the crisis, the Obama administration appointed a so-called pay czar
to set compensation limits and negotiate lower pay packages at financial
firms and the two automakers the government bailed out, a move that caused
much consternation among top traders and bankers.
Now, two years after the crisis, big Wall Street paydays are staging a
comeback. Wall Street’s overall paychecks rose 6 percent in 2010, according
to a recent report by the New York State Comptroller’s office. Cash
bonuses are down, however, as regulators have nudged banks into awarding
more stock and other deferred compensation.
The S.E.C. in January enacted “say on pay” rules that give shareholders a
nonbinding vote on corporate salaries, bonuses and golden parachutes. The
plan the S.E.C. announced on Wednesday goes even further.
For starters, it would require brokerage firms and investment advisers that
manage more than $1 billion to file annual reports about incentive-based pay.
The S.E.C. would then halt any extravagant bonuses that expose the firm to a
“material financial loss,” according to a summary of the proposal. The S.
E.C. would scrutinize bonuses doled out to executive officers, directors and
lower-level traders and bankers.
Financial firms that have $50 billion or more in assets — like Goldman
Sachs and JPMorgan Chase — would face even tougher pay restrictions. The
rules would require executive officers at these firms to defer half of their
bonus for three years. If a firm suffered losses, the bonuses would be
clawed back.
The proposal will now enter a 45-day public comment period, after which the
S.E.C. will vote on a final version of the rules. | Y*****2
发帖数: 38613 | 2 the comments below the article are more interesting to look at. | D**C
发帖数: 6754 | | Y*****2
发帖数: 38613 | 4 "The *average* bonus fell to $128,000 - that is more than twice what the
average American makes in a year - plus their base comp. And that includes
all staff, not just the Masters Of The Universe, whose pay packages are many
times greater."
_________________________________________________________________
anyone got the "average" bonus for last year? | Y*****2
发帖数: 38613 | 5 奢华的华尔街奖金，长期的蔑视国会议员和股东，
遇到一个新的敌人：美国证券交易委员会。
该机构周三提出了一项巨额赔偿镇压颁发
在大银行，经纪公司和对冲基金 - 旨在遏制举动
薪酬条件，鼓励过度冒险在财政
危机。
该提案将需要第一次华尔街的公司到文件
与美国证券交易委员会详细说明他们的奖金，这便可以禁止任何
它认为过多的奖项。这些规则将针对高层管理人员和
职级和文件数百名员工获得奖励谁的工资。
由监管机构将有更大的发言权华尔街薪酬凸显
金融机构发挥巨大的作用在经济中。虽然这将是
极不寻常的政府行政人员薪酬检讨
在大多数其他行业，大银行构成系统性风险的制度和
在2008年推动了经济的边缘。
美国证券交易委员会的计划，这非常类似于法规已经由浮动
美国联邦存款保险公司，由多德的任务，弗兰克
金融监管法律。关于赔偿的建议，最终会限制
跨度7个联邦机构，规范了广泛的金融公司。
美国证券交易委员会的三名委员投票民主周三前进
这些规则。他们的决定是在美国证券交易委员会的两名反对
共和党委员，争辩谁该机构越权
权威。
党的在线投票是值得注意的，因为它反映了类似的党派
战斗在国会山打出来。共和党议员威胁要
削减证券交易委员会的预算执行，以防止多德，弗兰克的行为的，一
产品前民主党控制的国会。
特洛伊答帕雷德斯，共和党对美国证券交易委员会专员认为，
机构是“不具备条件规定的规则，决定了细节
个人如何必须支付。“的限制，共和党
专员警告，可以继续招募明星雇员的公司。
即使玛丽属夏皮罗，证券交易委员会的女主席，承认
机构可能调整其在道路上的建议。
“这是一个领域，我们要非常切合意外
后果，“她在声明中说。 “对于任何上述承诺，
有办法找到适当参与共同的挑战
地址国会的任务。“
但国会离开美国证券交易委员会回旋余地小的时候写多德，
弗兰克的行为。不大可能出现重大变化，现在其他监管
机构已提出类似的规则。
“有可能是很多的抵触情绪，但我不知道有多少回旋余地
是，“大卫说琳，一个前美国证券交易委员会的公司首席律师
财务部。 “这就像一列火车在前面站着 - 它的到来，
先生说：“琳，谁现在是一个在美富律师事务所合伙人。
投资者和股东主张向美国证券交易委员会进行了反应不一
建议中的赔偿限制。
艾米Borrus，非盈利的机构理事会副主任
投资者指出，“有报告奖金可能有助于提供额外的
谨慎上面作装饰。“
但安东五舒茨，在伯纳姆金融服务基金，经理的
几家大银行持有的股份，称为方案“极端”，并表示
美国证券交易委员会将税收的资源已经紧张。
美国证券交易委员会的计划是一个长达十年的努力，长城的顶峰脾气
华尔街随心所欲的薪酬制度。
议员们采取行政补偿作为目标的主要原因
金融危机。激励的薪酬，批评者说，邀请
可疑的冒险的美国国际集团和国家
的大银行。
在这场危机中，奥巴马政府任命了一个所谓的薪酬沙皇
赔偿限额和设置在金融谈判薪酬低
这两个汽车制造公司和政府救助了，此举引起
多间高级交易员的惊愕和银行家。
现在，两年后的危机，是华尔街大型发薪日举办一
卷土重来。华尔街的整体工资在2010年上升6个百分点，根据
一项由纽约州审计长办公室最近的一份报告。现金
奖金下降，但是，由于监管机构颁发银行微幅成
更多的股票和其他递延补偿。
该S.E.C.一月份颁布了“薪酬话语权”的规则，让股东
非约束性投票企业的工资，奖金和金色的降落伞。该
计划S.E.C.周三宣布走得更远。
首先，它需要经纪公司和投资顾问
管理超过10亿美元的激励文件为基础的薪酬年度报告。
该S.E.C.然后停止任何暴露的公司，一个奢侈的奖金
“重大经济损失，”根据一项有关建议的摘要。互花米
欧共体将审议奖金送给身边的主管人员，董事和
较低级别的商人和银行家。
金融公司有500亿美元资产或更多 - 如高盛
高盛和摩根大通 - 将面临更严厉的薪酬限制。该
规则将要求在这些公司的行政人员，推迟他们的一半
奖金为三年。如果一个公司遭受损失的，奖金将
爪回来。
该提案将进入45天的公众评论期，此后，
S.E.C.将表决对规则的最终版本。
【在 D**C 的大作中提到】
: 求翻译
| m****s
发帖数: 7397 | 6 他马德
美国共匪！！！！！！！！！！！！！！！！ | m****s
发帖数: 7397 | | Y*****2
发帖数: 38613 | 8 It would be fair if the government also monitors other industries top
director pays.
What about just monitor everyone's pay and redistribute the wealth from the
rich to the poor and make the society Utilitarianism.
【在 m****s 的大作中提到】
: 他马德
: 美国共匪！！！！！！！！！！！！！！！！
|
| m****s
发帖数: 7397 | 9 ARE WE STILL A FUCKING FREE COUNTRY??????????
".. for the first time require Wall Street firms to file
detailed accounts of their bonuses with the S.E.C., which could then ban any
awards it deemed excessive..."
WHICH COULD THEN BAN...?????????????????
whoever thinks this up should go to jail. | Y*****2
发帖数: 38613 | 10 i wonder how they define "excessive"
any
【在 m****s 的大作中提到】
: ARE WE STILL A FUCKING FREE COUNTRY??????????
: ".. for the first time require Wall Street firms to file
: detailed accounts of their bonuses with the S.E.C., which could then ban any
: awards it deemed excessive..."
: WHICH COULD THEN BAN...?????????????????
: whoever thinks this up should go to jail.
| | | m****s
发帖数: 7397 | | Y*****2
发帖数: 38613 | 12 then don't read the comments below...
【在 m****s 的大作中提到】
: this makes me PUKE
| m****s
发帖数: 7397 | 13 "excessive" at SEC is defined as
watching more than 3 porns during one day's work.
这帮孙子真是乱了套了
这个沙蔽组织， 不拆掉不行了
【在 Y*****2 的大作中提到】
: i wonder how they define "excessive"
:
: any
| Y*****2
发帖数: 38613 | 14 with hand full of regulations and reports that SEC proposed and receives
from each firm everyday, I wonder why do they still have time to think about
this shit.
seems like all they do is to sit there and think about ways to make wall
street firms suffer.
【在 m****s 的大作中提到】
: "excessive" at SEC is defined as
: watching more than 3 porns during one day's work.
: 这帮孙子真是乱了套了
: 这个沙蔽组织， 不拆掉不行了
| w********c
发帖数: 2632 | 15 to the degree that everyone becomes main st. hehe.
【在 Y*****2 的大作中提到】
: i wonder how they define "excessive"
:
: any
| m****s
发帖数: 7397 | | b**********0
发帖数: 1447 | 17 well, i can guess at least one person from this board got an above average
bonus...
【在 m****s 的大作中提到】
: 我预言这个傻逼机构两年内关门。
| g*******a
发帖数: 31586 | 18 美国比中国黑多了 美国什么都是合法的 中国还敢去打警察 在美国有人敢吗 |
|
