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| US bankers set for record pay and bonuses for second year Pay and bonuses at US banks and hedge funds are set to rise 4% this year – outpacing the growth in revenues – study findsUS bankers are set for record compensation for a second consecutive year, shattering both the illusion of pay-reform and the expectation that bank bonuses would be tempered while the US economy remains weak.With third-quarter figures from JP Morgan expected to begin a bumper profit reporting season tomorrow, a study of more than three dozen banks, hedge funds, money-management and securities firms estimates they will pay $144bn (£90bn) in salary and benefits this year, a 4% increase on 2009.The research, by the Wall Street Journal, found pay was rising faster than revenue, which gained 3% to $433bn, despite a slowdown in stock trading.And while profits have fallen from their 2007 peak, the percentage directed to compensation has increased by 23%."Until the focus of these institutions changes from revenue generation to long-term shareholder value, we will see these outrageous pay packages and compensation levels," Charles Elson, director of the Weinberg Centre for Corporate Governance, told the WSJ.Banks say their hands are tied, arguing that firms say that do not adequately compensate risk losing their top bankers. Political pressure and regulatory reform is no match for the market forces.Where watchdogs were successful in altering the structure of compensation, they were not able to control its levels.At Goldman Sachs, where revenue is projected to fall 13.5% this year to $39.1bn, compensation is expected to rise 3.7% to $16.8bn.Still, compensation experts say regulation has successfully kept compensations "relatively flat" and pay may not rise in the near future as new rules come into effect governing capital requirements that will limit compensation pools.Where revenue falls short, the study found, Wall Street firms will lay off employees in order to keep bonus pools high. UK-based Barclays Capital and Credit Suisse have cut some staff, while Morgan Stanley has a hiring freeze in place.The report also found that bankers at closely regulated businesses are looking to join less closely monitored firms and hedge funds. At private equity firms Blackstone and Fortress Investment, compensation is projected to climb 12% and 29% respectively.BankingUS economyUnited StatesEdward Helmoreguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
How real is America's faith? | Stanley Hauerwas: Face to Faith The US is more secular than Britain – Americans have only a general belief in beliefThe British, I have discovered, assume that Americans are more religious than they are. That presumption seems justified in the light of Ed Miliband's declared atheism. As yet no one running for high political office in the US has been willing so to identify themselves. Indeed, it seems to be a requirement of political office in America that you believe in God. Americans seem to think those who rule us must believe in God because, if they do not, they cannot be "moral"– which means they will cheat on their spouses, thus destroying the family, which will bring civilisation to an end.Yet I remain unconvinced that the difference between Britain and the US, when it comes to religion, can be determined by the faith or lack of it of those in public office. In fact, I am not convinced that the US is more religious than Britain. Even if more people go to church in America, I think the US is a much more secular country than Britain. In Britain, when someone says they do not believe in God, they stop going to church. In the US, many who may have doubts about Christian orthodoxy may continue to go to church. They do so because they assume that a vague god vaguely prayed to is the god that is needed to support family and nation.Americans do not have to believe in God, because they believe that it is a good thing simply to believe: all they need is a general belief in belief. That is why we have never been able to produce interesting atheists in the US. The god most Americans say they believe in is not interesting enough to deny, because it is only the god that has given them a country that ensures that they have the right to choose to believe in the god of their choosing, Accordingly, the only kind of atheism that counts in the US is that which calls into question the proposition that everyone has a right to life, liberty, and happiness.America is the exemplification of what I call the project of modernity. That project is the attempt to produce a people that believes it should have no story except the story it chose when it had no story. That is what Americans mean by freedom.The problem with that story is its central paradox: you did not choose the story that you should have no story except the story you chose when you had no story. Americans, however, are unable to acknowledge that they have been fated to be "free", which makes them all the more adamant that they have a right to choose the god that underwrites their "freedom."A people so constituted will ask questions such as "Why does a good god let bad things happen to good people?" It is as if the Psalms never existed. The story that you should have no story except the story you chose when you had no story produces a people who say: "I believe that Jesus is Lord – but that is just my personal opinion."I hope that makes it understandable that Americans expect their presidents to believe in god. They do so because they are confident that the god presidents believe in is not a god that can call into question the American project. This is why President Obama had to leave his church when his pastor suggested that God might stand in judgment on the US.Of course George W Bush was and is a sincere Christian. But that is just an indication of how little being a Christian has to do with sincerity. That is why I find Miliband's atheism more interesting than the "faith" of the American presidents.ChristianityReligionUS politicsUnited StatesStanley Hauerwasguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
Players cry foul over drugged drinks Peruvian football players claim they were given sedatives in their water which caused them to faint in the middle of a match bbc.co.uk |
Tensions Shadow Myanmar Vote As Myanmar prepares for its first election in two decades, many of its residents are unlikely to participate, adding to growing doubts over the vote's legitimacy. online.wsj.com |
Sebastian and OK! photo shoot - Video Procter & Gamble's Sebastian Professional Partners with Sony Pictures' Burlesque feedproxy.google.com |