In the midst of the Great Depression, The New Yorker published a poem by Ogden Nash entitled “Bankers Are Just Like Anybody Else, Except Richer”. But are bankers really wealthier than hoi polloi? The answer may be found in the Department of Business Oversight’s annual survey of bank officer and director at state-chartered banks, national banks and federal savings banks. The Department has been conducting this survey for not quite four decades. Survey results from 2002 to 2015 are available here. The reports include data with respect to base salary, bonuses, perquisites, and equity compensation based on bank size. According to the 2015 survey, for example, nearly 70% of banks with assets over $1 billion paid their CEO’s country club dues.
Hedge funds and Section 16
Recently, I wrote about Judge Phyllis J. Hamilton’s recent ruling in Greenfield v. Criterion Capital Mgmt., LLC, 2016 U.S. Dist. LEXIS 86907 (N.D. Cal. July 5, 2016). Section 16 maven Alan Dye covers the ruling in this blog posting at Section16.net. Alan’s post will be of particular interest to hedge funds.