岁末将临，给全球带来金融危机灾难的华尔街，关注的是什么呢？自然还是年终奖了。据华尔街日报报道，由于薪酬方面日渐升温的争议，华尔街各大公司的高管们都在进行讨论，有可能限定自己的奖金数目，这表明金融界日渐意识到全社会对排着队等待政府注资的金融证券公司，还可能发放数十亿美元年终奖金的不满。在逐个公司进行的讨论中最有可能的情况就是，首席执行长的薪酬会出现大幅缩水，而大多数员工的奖金则不会有什么变化。
从2002年以来，高盛集团、摩根士丹利、美林、雷曼兄弟和贝尔斯登总共已发放了3,120亿美元的薪资和福利。奖金通常占整个金融界总薪酬的60%左右，也就是说上述5家公司发放的奖金估计为1,870亿美元。自从美国财政部宣布了向金融机构注资的计划后，这种既定的薪酬模式就饱受诟病。高盛、摩根士丹利和美林在首批接受政府总计1,250亿美元注资的9家公司之列，引得许多人担心纳税人的钱会被用来发奖金。
纽约薪酬顾问艾伦•约翰逊说，堪萨斯的某个普通民众，每年辛苦挣6万美元，还失去了自己的房子，对他来说，以优惠利率救助金融公司，还要眼睁睁看着这些公司的几千人一年挣数百万美元，似乎也太疯狂了---这确实很疯狂。约翰逊预计，总的来说，去年可能拿到了3,000万美元的华尔街高管今年的奖金可能直线下滑到800万美元。其中大部分可能以限制性股票的形式发放，现金部分很少或者根本没有。其他一些薪酬专家预计，由于收入和利润大幅下降，华尔街的奖金平均将较上年下滑40%-45%。
去年年底，华尔街的巨额年终奖曾让普通民众瞠目结舌，多少年以来，跟我们许多普通经营公司一样，华尔街公司一直将高管薪酬与公司整体营利能力挂钩。大家或许还记得，去年高盛首席执行长布兰克费恩的收入为6,900万美元，比2006财年增加了26%。而在通常情况下，金融证券公司顶级交易员的收入可能比首席执行长还要高，而这些人的薪酬不需要披露，只有天知地知税务局知。现在，你知道你买股票亏损的钱，到哪里去了吗？
Securities Firms Tackle Pay Issue华尔街公司考虑主动减薪2008年10月31日15:03
In a sign that Wall Street is waking up to the political tempest over billions of dollars in year-end bonuses likely to be paid out at securities firms lining up for government infusions, top executives are in discussions to possibly cap their own compensation, according to people familiar with the situation.
据知情人士透露，美国各证券公司的高管们都在进行讨论，可能限定自己的奖金数目，这表明金融界日渐意识到政界对排着队等待政府注资的证券公司还可能发放数十亿美元年终奖金的不满。
While the discussions remain fluid and many details still must be agreed to, the talks underscore an emerging consensus among some of the securities industry's most powerful executives that the escalating pay controversy is creating yet another public-relations mess for Wall Street.
虽然讨论结果尚无定论，许多细节还有待确认，但进行这样的讨论本身就凸显了一个事实：一些证券公司高管开始意识到，薪酬方面日渐升温的争议给华尔街带来了又一个公关危机。
There are going to be some people in the financial-services industry who will show real leadership here and recognize the reality of the situation,' one senior Wall Street official said.
一位华尔街高管说，金融服务业会有一些人显示出真正的领导力，并意识到现实情况。
At least one major firm has looked at former PepsiCo Inc. Chairman and Chief Executive Roger Enrico's move in 1998 to give up his $900,000 salary. Instead, Mr. Enrico asked PepsiCo directors to fund scholarships for children of 'frontline employees.' Mr. Enrico still got a $1.8 million bonus that year.
至少有一家大公司在考虑百事公司(PepsiCo Inc.)前董事长兼首席执行长恩里科(Roger Enrico) 1998年放弃自己的90万美元薪水的举措。当时恩里科要求百事的董事会成员为“一线员工”的子女提供奖学金。不过他那年还是获得了180万美元的奖金。
And as Wall Street firms examine their pay and bonuses, distinctions are being made between the highest-ranking executives and lower-level traders and investment bankers who aren't widely known beyond Wall Street but could get plucked away by rival firms if compensation practices are significantly altered.
而在华尔街公司审视自家的薪资和奖金之时，最高层管理者和在华尔街之外籍籍无名的较低级别交易员及投资银行家之间也出现了显著差异。如果薪资出现重大调整，交易员和普通投资银行家可能会被竞争对手挖走。
As a result, the most likely scenario in the firm-by-firm discussions is a sharp decline in compensation for chief executive officers, but fewer changes in how bonuses are paid to most employees, according to a person familiar with the matter.
知情人士透露，这样一来，在逐个公司进行的讨论中最有可能的情况就是，首席执行长的薪酬会出现大幅缩水，而大多数员工的奖金则不会有什么变化。
Since the start of 2002, Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos. have paid a total of $312 billion in compensation and benefits. Bonuses generally account for about 60% of total Wall Street compensation, meaning that the five firms paid out an estimated $187 billion in bonuses.
从2002年以来，高盛集团(Goldman Sachs Group Inc.)、摩根士丹利(Morgan Stanley)、美林(Merrill Lynch & Co.)、雷曼兄弟(Lehman Brothers Holdings Inc.)和贝尔斯登(Bear Stearns Cos.)总共已发放了3,120亿美元的薪资和福利。奖金通常占整个金融界总薪酬的60%左右，也就是说上述5家公司发放的奖金估计为1,870亿美元。
The tried-and-true compensation model has come under fire since the Treasury Department announced plans to inject capital into financial institutions. Goldman, Morgan Stanley and Merrill are among the initial nine companies getting a combined $125 billion in government capital, fueling worries that taxpayer funds will be used to essentially subsidize Wall Street bonuses.
自从美国财政部宣布了向金融机构注资的计划后，这种既定的薪酬模式就饱受诟病。高盛、摩根士丹利和美林在首批接受政府总计1,250亿美元注资的9家公司之列，引得许多人担心纳税人的钱会被用来发奖金。
To the guy in Kansas making 60 grand a year and losing his house, it seems like madness to bail out firms at a favorable interest rate and see them have thousands of people making millions of dollars a year -- and it is madness,' said Alan Johnson, a New York compensation consultant.
纽约薪酬顾问艾伦•约翰逊(Alan Johnson)说，堪萨斯的某个人每年挣6万美元，还没了自己的房子，对他来说，以优惠利率救助金融公司，还要眼睁睁看着这些公司的几千人一年挣数百万美元，似乎也太疯狂了－－这确实很疯狂。
Part of the problem for Wall Street is that some politicians contend that executives and employees responsible for fueling the credit crisis should now pay a steep penalty, especially since huge profits during the housing boom are being swept away by losses and write-downs. Since the start of 2007, for example, Merrill has had net losses of nearly $20 billion -- or nearly all of the profits made by the company from 2003 to 2006.
华尔街公司的一部分问题在于，一些政治家认为对促成信贷危机负有责任的华尔街公司管理人员和员工现在应该受到重罚，尤其是在房市繁荣时期的巨额收益也因亏损和冲销而变得所剩无几之后。举例来说，2007年初迄今，美林净亏损额已接近200亿美元，这个数字几乎相当于该公司2003－2006年的全部收益。
Now that Merrill is being sold to Bank of America Corp., thousands of Merrill employees are facing the ax as part of plans to save $7 billion in pretax annual costs at the combined company.
如今，美林已被出售给美国银行(Bank of America Corp.)。合并后的公司计划节省70亿美元的税前年度成本，作为该计划的一部分，将有数千名美林员工面临裁员。
While top Merrill executives are sensitive about the appearance of big pay packages, they also believe the acquisition that they engineered saved the company, meaning that they should be rewarded.
虽然美林高层很在意巨额薪资会给人以什么印象，但他们也认为自己所发起的并购拯救了公司，理应获得奖赏。
Overall, top Wall Street executives who might have earned $30 million last year could see their pay plummet to $8 million this year, predicts Mr. Johnson, the compensation consultant. Most of that is likely to come in the form of restricted stock with little or no cash. Other pay experts predict Wall Street bonuses will decline an average of 40% to 45% from last year, reflecting sharply lower revenue and profits.
约翰逊预计，总的来说，去年可能拿到了3,000万美元的华尔街高管今年的奖金可能直线下滑到800万美元。其中大部分可能以限制性股票的形式发放，现金部分很少或者根本没有。其他一些薪酬专家预计，由于收入和利润大幅下降，华尔街的奖金平均将较上年下滑40%-45%。
At Goldman and Morgan Stanley, the two remaining major independent securities firms, compensation and benefits for the first three fiscal quarters fell 32% and 20%, respectively.
硕果仅存的两大独立证券公司高盛和摩根士丹利本财年前三个财季的奖金和福利分别下降了32%和20%。
That period ended before the stock market plunged in September and October, Lehman filed for bankruptcy and the federal government mounted a series of rescue efforts propping up a slew of financial firms and markets.
在那之后，股市在9月和10月跳水，雷曼申请了破产，联邦政府也出台了一系列救助措施，为许多金融公司和市场提供支撑。
Historically, Wall Street firms have tied the pay of top executives to the firm's overall profitability. Last year, Goldman CEO Lloyd Blankfein earned $69 million, up 28% from fiscal 2006. Many Wall Street executives expect Goldman to set the overall tone for the next round of year-end bonuses.
历史上，华尔街公司一直将高管薪酬与公司整体营利能力挂钩。去年，高盛首席执行长布兰克费恩(Lloyd Blankfein)的收入为6,900万美元，比2006财年增加了26%。许多华尔街高管都希望高盛为下一轮年终奖的发放定下整体基调。
Morgan Stanley CEO John Mack took no bonus for 2007, reflecting the firm's $3.6 billion quarterly loss from errant mortgage trades. Senior Morgan Stanley executives have recently been discussing this year's pay and bonuses, but no decisions have been made, one person familiar with the situation said.
摩根士丹利首席执行长麦晋桁(John Mack) 2007年没有拿奖金，原因是该公司因错误的次贷交易而出现36亿美元的季度亏损。知情人士称，摩根士丹利高管最近一直在讨论今年的薪酬和奖金，但尚未做出任何决断。
The wide-ranging pay talks follow demands for information about compensation plans. Some firms have considered hiring one outside law firm to represent the nine companies on the Treasury Department's initial list of capital recipients in their response to this week's demands by New York Attorney General Andrew Cuomo. Top traders, who can out-earn CEOs in a good year, are concerned about possible disclosure of their names and pay.
纽约州司法部长安德鲁•库默(Andrew Cuomo)本周要求获知薪酬计划的情况，广泛进行的薪酬讨论正是因此而起。针对库默的要求，一些公司已经在考虑雇请一个外部的法律公司来代表首批接受财政部注资的9家公司。年成好的时候，金融公司的顶级交易员的收入可能比首席执行长还高，这些人担心自己的名字和薪酬可能被披露。
华尔街日报：Randall Smith / Aaron Lucchetti / Susanne Craig
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