“Fight Against Stupidity And Bureaucracy”
Remember this post from way back towards the end of May 2012?
As well as being the biggest F’ing title ever seen on a WordPress blog, it drew attention to the debacle that was the much heralded launch of Facebook shares on the stock market.
Well, the fallout from what is now being called the IPOcalypse continues.
The head honcho at Nasdaq has had his CEO’s bonus slashed because of it, and rightly so.
But don’t start feeling sorry him just yet. Even with a slash he will still be taking home a $1.3m bonus, slightly north of half a million dollars lighter than it would have been, but still enough to get by on.
Oh yes, and that’s bonus on top of his $1 million salary!
Others at Nasdaq have also been penalized, including Anna Ewing, VP in charge of “technical glitches” that messed up the first day of trading. Her bonus was cut by over a quarter of a million dollars. But keep those hankies where they are, she is still left with a $574,125 bonus for the year.
Losses for angry brokers and traders from the botched IPO, on the other hand, have been estimated at around $500m. Nasdaq has approved just $62m in compensation, I suppose they needed the rest of their money to pay out the bonuses?
Like the banksters, it all begs the question of just how incompetent do you have to be in the financial industry to not just lose your bonus, but lose your job as well?