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Wednesday, April 7, 2010 as of 11:14 AM ET

The Casone Exchange
  • October 12, 2010 07:26 PM UTC by Cheryl Casone

    Best Guess: Wall Street Bonuses Not the Enemy

    A report came out today from our partners at the Wall Street Journal that for a second year in a row, Wall Street executives and directors collected record salaries and bonuses.  I just hung up with KNX in Los Angeles on this topic and I’m surprised the hate mail hasn’t begun.  I was not surprised and I understand why this is happening!

    Once TARP and government involvement ceased it once again became about making a profit and answering to the shareholders (not the government).  I do not fault the banks for this.  If you look at the sector that has helped/pushed the DJIA to recovery, it is the financial sector.  Hate the idea of fat cats on Wall Street all you want, but take a look at your portfolio before you pass judgement.  Also, consider that these are public companies that are businesses, and they need top talent to stay with them and unravel the mess of MBS transactions and look forward at the same time.  I’ve watched a slew of quality executives that have a healthy understanding of the numbers (at the core of banking) leave to go to the world of hedge funds, because they realized they would be attacked if they stayed at the big banks in Manhattan.  I know this is not popular, but it’s a reality.

    STEVE GELSI: The movie Wall Street is out with Hollywood focusing attention on the financial crisis. Two years later and few people have gone to jail for the worst financial meltdown since the Great Depression — and not too many more people are expected to face trial according to a Wall Street Journal article that’s coming out on Wednesday.

    GREGG JARRETT: President’s ban on Gulf drilling is causing more damage to the economic environment… than the leaked oil ever did to the natural environment:   some 20,000 lost jobs, higher gasoline prices, and long-term energy deficiency.

Jim

The California State Teachers' Retirement System ("CalSTRS") and Relational Investors LLC ("Relational") endorse the decisive initiatives announced today by Occidental Petroleum Corporation ("the Company") relating to CEO succession planning, executive compensation reform, and board composition. http://www.cnbc.com/id/39666600

October 15, 2010 at 11:12 am

Adrian Zupp

They may not be the enemy but they sure as hell aren't the cure. And Cheryl, we don't all HAVE portfolios. A lot of us would settle for, well, jobs. Speculative investment, as opposed to an emphasis on investment in real things, IS one of the big enemies of our time. Our faux capitalism doesn't work. You're a journo, start paying attention. Adrian Zupp http://adrianzupp.blogspot.com/

October 14, 2010 at 8:44 am

Craig Coldren

Please, please, please, OH GOD PLEASE!! Don't have Erica Payne on as a guest ever again. She is obnoxious and very rude. Other guests let her speak but she interrupts EVERYONE. Not to mention she is WRONG! I can't and won't watch any segment that she is part of.

October 14, 2010 at 1:58 am

Melinda

Cheryl I like your show but cannot watch anymore and listen to that arrogant, combative Erica who talks over everyone. People who do this have serious problems. Her voice sounds like a cackling witch.

October 13, 2010 at 12:26 pm

Thad Buckey

That lady erica should not be let on the air on being unfriendly to business. She goes to extremes with no sense of what is real.

October 13, 2010 at 12:17 pm

Dale

Cheryl, Shame on you for allowing Erica Payne back on your show. She is so rude and obnoxious it is impossible to listen to. She cannot give a coherent argument so she launches personal attacks against her debating opponet.

October 13, 2010 at 12:13 pm

Larry

Being fiscally responsible, the issue of the majority of wealth going into the hands of a few, is a really bad idea. People need wealth to start businesses which in turn generate jobs. They need incentives to continue to increase productivity. Excessive salaries should be highly taxed while money invested in equipment and productivity should be reward with high tax advantages. This getting while the getting is good is destroying our society from the bottom to the top.

October 13, 2010 at 10:33 am

Franklin

Its going to be an interesting Holiday Season to say the least. With the moritorium lifting today, and Louisiana's economic issues...well, lets just say we know who we're NOT voting for!!

October 13, 2010 at 9:55 am

about this blog

  • Cheryl Casone joined FOX Business Network (FBN) in September 2007 as an anchor. Prior to FBN, Casone served as a correspondent for FOX News Channel’s (FNC) business unit and was a regular guest on FNC’s Your World with Neil Cavuto. Casone brings years of experience covering finance, business, and consumer news to FBN.

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