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19 August 2017 07:37 (South Africa)

US government rocks bonus game by bringing scissors to the paper

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

US pay czar Kenneth Feinberg announced on Thursday that the executives in the companies saved by the government during the crisis times of late 2008 will see their compensations deeply cut. The move is partly a response to public outrage over the screamingly high bonuses rewarded by AIG, Bank of America, Citigroup, General Motors, Chrysler, GMAC and Chrysler Financial to their executives. The packages will be cut by 50% on average, with payouts by the cash-strapped companies in some instances slashed by 90%. The move comes after the prolonged public outrage. The jury is still out on the US move: there are fears it will precipitate a mass exodus of talent to stronger, better-paying companies like Goldman Sachs or JP Morgan. But at the moment, the White House is basking in the glory of stopping the indecent spending. Read more: The New York Times See President Obama's address:

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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