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[DJwest]

Deeb Salem, a former Goldman Sachs trader who said he helped the bank earn more than $7 billion, wants to be paid the almost $5 million difference between his 2010 bonus and what he told his mother to expect.

Salem said in an arbitration hearing that he was led to believe that his 2010 bonus would be $13 million, down from a $15 million award for 2009 when he was paid more than Chief Executive Officer Lloyd C. Blankfein. Instead, Salem said his bonus was unfairly docked because of a written warning he received about his 2007 self-evaluation.

Salem, 35, said the $8.25 million bonus for 2010 didn’t reflect his contributions, while Goldman Sachs argued he was aware that the firm could pay him whatever it wished and that the company considered his conduct in determining compensation. Salem said promises from executives kept him around for another year before a $3 million bonus led him to jump to a hedge fund.

“Let’s be very clear: I was one of the most sought-after investment professionals in the mortgage industry,” Salem said during the Feb. 25 hearing. “I had the opportunity throughout the course of my career and throughout -- from that day, from almost every month that I was at Goldman, to leave for other opportunities.”

http://www.bloomberg.com/news/2014-...er-says-bonus-cut-to-8-25-million-unfair.html

Trader with his wife.

What do you think GAF ? I'm kinda torn. On one hand, if he really did generate USD 7 Billion for his firm, then he's eaarned the right to be generously compensated. On the other hand, isn't USD 8.25 million generous enough ? What say you GAF ? And goddamn, I need to join Goldman Sachs lol

 

[Esch]

WAHHHHHHHHHHHHHH

 

[AlteredForms]

But how will he feed his starving wife and children?

 

[spookyfish]

Deeb?

 

[shadowsdarknes]

He's high up at Goldman. He's probably a mega douche.

But yeah, he's probably entitled to a bigger bonus.
Although much of what he did was probably heavily involved with the shit that went down in 2008.

 

[Amentallica]

His face. I want to slap the shit out of it.

 

[Darklord]

A greedy fuck company screwed over a greedy fuck employee. I weep for his hardships.

 

[DJwest]

His face. I want to slap the shit out of it.

Hahhaaaahaaa

 

[thelatestmodel]

Douchey McDoucherson right there. Total scum.

 

[Cagey]

I await his wife's confessional about how not getting the bigger bonus has been tough on the family, on the next season of Real Housewives of NY.

 

[Septy]

I wonder how many junk mortgage based cdos he had his greedy little fingers on.

 

[psylah]

 

[DJwest]

I await his wife's confessional about how not getting the bigger bonus has been tough on the family, on the next season of Real Housewives of NY.

B-b-but, he told his mom !

Wiping tears with money gif.

Win.

 

[Ourobolus]

What a Deebag.

 

[velociraptor]

 

[ukas]

A greedy fuck company screwed over a greedy fuck employee. I weep for his hardships.

.

 

[that1dude24]

 

[darkside31337]

I'm sorry but what? His bonus was discretionary, they didn't breach any kind of contract. Sounds like they should have gave him nothing.

 

[Gray Matter]

A bonus is just that, a bonus. Why is he complaining? Most of us don't even get bonuses.

Spoiler

also, pretty sure that if he's in a position to get the bank 7 billion, his salary is good enough already.

 

[foxtrot3d]

Meh, if he is hot shit then the man has every right to deman appropriate payment. If he really did generate $7 billion for the company than he hasa the right to ask for a bigger bonus. Don't act like you all wouldn't feel exactly the same way in his place. That said, we are talking about a bonus here, he has every right to complain but he has no legal right to the money.

 

[Drkirby]

So what is his argument? If they give him more money he will come back to them? I see no reason Goldman Sachs to give him any thing else.

 

[slit]

To be fair, if what he says is true and he really did make them 7 billion, which BTW I have a hard believing, maybe he's not being unreasonable. I don't know what his misconduct was though. Goldman Sachs or this guy having the money really makes no difference to me.

 

[Kinyou]

But how will he feed his starving wife and children?

:'(

 

[liquidtmd]

Thank god weve got such richly rewarded and talented investment professionals in the mortgage industry, that industry has been solid as a god damn rock this last decade

 

[Angelus Errare]

As a person who is close to bringing in 7 figures a year; I can understand the frustration. He is owed the amount he should get. People can make their jokes about living a hard life with that much money but the truth is for many of us, we live cheque to cheque just like the rest of you. We're really no different; I mean sure we can afford to take WAY more vacations, and drive nice cars, own yachts, and things like that. But look at the downside; poor people everywhere, ugh. I wish I could like put up spikes for people under $300k can go away.

 

[Kiraly]

Goldman Sachs fucks with everyone, whether it is the economy or their employees.

 

[andycapps]

The world's smallest violin, etc.

 

[CharlieDigital]

Seems relevant: "Fuck rich people"

 

[entremet]

He could always quit and start his own firm. Where's the proactivity?

 

[Bleepey]

I don't think it's unreasonable to ask for a bigger share of the pie that said I can't bring myself to shed a tear. I wonder what Zomgwtfbbq thinks of this.

 

[Skel1ingt0n]

Eh, I can kind of understand his frustration. Just because he makes more than me, doesn't mean he feels any less screwed than I do when my employer jerks me around.

If it was alluded I stick around for a bigger bonus and it never came, I'd be perturbed, especially if I'm a catalyst for bring 100x as much money in. Or, for example, if I expect a $1,500 bonus one quarter and get a $500 bonus, instead, I'd be frustrated. Anyone would.

Am I piece of shit because some retail employee is worried about their $50 bonus instead of a $150 bonus?

Don't get me wrong - he looks like a douche and probably is. I'm sure I'd hate him in real life. But bias aside, I can understand why he's upset.

EDIT: Also just realized I got a tag!

 

[norinrad]

Is he in court to donate that money to charity? or did he promise his wife a bigger diamond ring and breast implants?

 

[The Technomancer]

Thank god weve got such richly rewarded and talented investment professionals in the mortgage industry, that industry has been solid as a god damn rock this last decade

I know, right? These guys are clearly being rewarded in proportion to their contribution to societal good

 

[NimbusD]

On one had, fuck you that's more than enough. On the other hand, if he really was being offered many other jobs and stayed around for the promise of more, it's the situation that's screwed up, not the amount of money necessarily. On the OTHER OTHER hand (shit, where'd that third hand come from?) who the fuck cares.

 

[Cagey]

If what he brought in was even half of that number cited, he deserves more. Sure. I think that's inarguable.

There's still no reason for anyone here to reach into their pocket and spare a fuck for him.

 

[Ushojax]

I honestly find it hard not to loathe every single person who considers themselves an 'investment professional'.

 

[CrankyJay]

A greedy fuck company screwed over a greedy fuck employee. I weep for his hardships.

This just about sums it up perfectly.

 

[DoktorEvil]

I wonder how many junk mortgage based cdos he had his greedy little fingers on.

This post needs a bigger upvote.

You'd think I'd be upset with Wall Street and everything they stand for, but they play a big part in liquidity and market making for investors.

If he indeed generated 7 billion dollars of business, then he earned his bonus and may have been ripped off by the company.

That still doesn't make me want to punch his face when I see it on my screen.

Salem was highly paid even by Wall Street standards, as the average managing director in the areas of mortgage-backed securities, structured credit and proprietary trading received a 2009 bonus of $750,000 to $1.1 million, according to an Options Group report at the time. Still, banks are competing for top talent with hedge funds that more often pay a direct percentage of what the trader generates.

The median household income in New York City from 2008 to 2012 was $51,865, according to the U.S. Census Bureau.

Salem’s lawyer, Jonathan Sack of Sack & Sack, said in an interview that his client was scapegoated as other executives who were criticized by the Senate went unpunished. Salem joined Goldman Sachs after attending Phillips Academy in Andover, Massachusetts, and Princeton University, where he graduated Phi Beta Kappa.

While Salem’s claim originally sought more than $20 million of unpaid compensation, Sack said in the hearing his client was now seeking $9.5 million plus 41,000 shares of deferred compensation, worth about $7 million at yesterday’s closing price. Frackman said the numbers were “pulled out of a hat.”

Salem left for hedge-fund firm GoldenTree Asset Management LP in 2012 after his 2011 bonus fell to $3 million. His group made $260 million in a difficult market that year, he said.

“Everyone at Goldman took a beating in 2011 because it was a terrible year for the firm,” Frackman said.

Salem said he expected to receive unvested shares from previous years’ bonuses after a conversation he had with Michael Swenson, a senior trader whom Salem described as a father figure. According to Salem’s account, Swenson told him that if he left the firm, there would be at least one positive consequence from Smith’s public resignation: “You are guaranteed, basically, to get your deferred compensation.”

Seriously fuck this guy.

 

[Zoc]

What do these people contribute to society? They get all this money, and what have they done for it? Nothing. They're leeches, pure and simple.

 

[Zoe]

He could always quit and start his own firm. Where's the proactivity?

Well that's part of his argument, isn't it? He stayed on with them because he was promised X amount instead of going elsewhere to get that much.

 

[DJwest]

I don't think it's unreasonable to ask for a bigger share of the pie that said I can't bring myself to shed a tear. I wonder what Zomgwtfbbq thinks of this.

To be fair, if what he says is true and he really did make them 7 billion, which BTW I have a hard believing, maybe he's not being unreasonable. I don't know what his misconduct was though. Goldman Sachs or this guy having the money really makes no difference to me.

I'm a bit surprised at all the Fuck you comments honestly. He generated $7 billion dollars, I would be pretty disappointed if my bonus ended up being much lower than previously communicated to me.

As a person who is close to bringing in 7 figures a year; I can understand the frustration. He is owed the amount he should get. People can make their jokes about living a hard life with that much money but the truth is for many of us, we live cheque to cheque just like the rest of you. We're really no different; I mean sure we can afford to take WAY more vacations, and drive nice cars, own yachts, and things like that. But look at the downside; poor people everywhere, ugh. I wish I could like put up spikes for people under $300k can go away.

That was a nice post until the bolded part. Damn dude. Also, what do you do for a living ? If you're close to making 7 figures, why are you unable to save and live reasonably well ? Pay cheque by cheque with a 7 figure income ? Sounds like mismanagement to me but please I would love to hear more about your challenges.

 

[explodet]

As a person who is close to bringing in 7 figures a year; I can understand the frustration. He is owed the amount he should get. People can make their jokes about living a hard life with that much money but the truth is for many of us, we live cheque to cheque just like the rest of you. We're really no different; I mean sure we can afford to take WAY more vacations, and drive nice cars, own yachts, and things like that. But look at the downside; poor people everywhere, ugh. I wish I could like put up spikes for people under $300k can go away.

Well, as a person who is close to bringing in 9 figures a year; I can understand your frustration. He is owed the amount he should get. People can make their jokes about living a hard life with that much money but the truth is for many of us, we live cheque to cheque just like the rest of you. We're really no different; I mean sure we can afford to own WAY more vacation resorts, and drive nice spacecraft, own politicians, and things like that. But look at the downside; poor people everywhere, ugh. I wish I could like put up death lasers for people under $3 million can go away.

 

[Walshicus]

I wonder how much of those billions 'he made' would have been made by anyone else in that job.

I'm not saying everyone involved in the financial services industry is a parasite leaching from humanity... but I don't know how to finish that sentence.

 

[liquidtmd]

I know, right? These guys are clearly being rewarded in proportion to their contribution to societal good

I'm not referring to societal good, I'm referring to their industry being built on foundations less fucking stable than a pyramid scheme resulting in millions going under circa 2007-2008.

 

[DJwest]

Well, as a person who is close to bringing in 9 figures a year; I can understand your frustration. He is owed the amount he should get. People can make their jokes about living a hard life with that much money but the truth is for many of us, we live cheque to cheque just like the rest of you. We're really no different; I mean sure we can afford to own WAY more vacation resorts, and drive nice spacecraft, own politicians, and things like that. But look at the downside; poor people everywhere, ugh. I wish I could like put up death lasers for people under $3 million can go away.

Lmao

 

[Aesius]

His face looks like a foot.

A very wealthy foot.

 

[BowieZ]

Nobody needs that much money. Nobody is worth that much money.

Just because you've entered into a career that just so happens to involve the loss or generation of billions of dollars, doesn't mean you deserve a particular percentage of that value. Some of that money should go to ensuring that further losses do not occur.

 

[Jezbollah]

This is an interesting one.

I used to work at an investment management company where one person was responsible for a third to half the total funds under management. That company was making £300m profit - and this person was getting a £25m annual bonus. So ironically $8.25m for $7bn profit is something else..

I suppose it matters if it's a contractual bonus or discretionary...



..but yeah.. worlds smallest violin etc.

 

[dejay]

I feel like clogging the toilet in his en suite.

 

[Vesmir]

....not as bad as the shitlord CEO that gets a.multimillion dollar golden parachute after sacking half the employees and cutting wages.

But a piece of shit is still shit.