When the financial crisis first happened, many were aghast at how investment banks could pay huge fat bonuses and paychecks to their young bankers whom many blamed for causing the collapse of the investment banking industry with their creative packaging of financial instruments.
As bonuses and fat paychecks of bankers start coming to light, it is refreshing to see some are starting to take unprecedented cuts in their salaries in a bid to save their institutions and companies. Read on to see how much Yahoo’s out-going CEO, Jerry Yang, was paid.
Yahoo’s Jerry Yang Paid US$1
In his final year as CEO of Yahoo, outgoing Jerry Yang’s annual compensation was revealed at US$1! This was the same for Apple Inc. CEO Steve Jobs and Google Inc. co-founders Larry Page and Sergey Brin who also worked for US$1 in 2008.
Macquarie’s Group Chief’s Pay Slashed By 99%
In another move, the remuneration of Macquarie Group Ltd’s chief executive, Nicholas Moore, has been slashed by almost 99 per cent because of the slump in the investment bank’s profit and share price. This means he was paid a measly annual remuneration of A$290,756 compared to the whopping A$26.75 million he received in the previous year!
Should we sympathise for them?
Not quite! Jerry made huge money with Yahoo stocks and if the Macquarie Group Chief had been enjoying such payouts previously, he definitely can afford to take this cut.
However, we should at least commend them for taking this move instead of continuing to take huge bonuses from taxpayers’ money as in the case of the AIA US$165 billion bonus payout from the US$180 billion bailout.
