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Billionaire Warren Buffett, who collects a $100,000 annual salary for running Berkshire Hathaway, said Wall Street pay needs a “downside” when profits deteriorate because of reckless bets.
“You have to put in something where there is a downside to people who really mess up large institutions,” Buffett said in an interview with Berkshire subsidiary Business Wire. “Too many people have walked away from the troubles they have created for society, not just for their own institution, and they have walked away rich.”
Wall Street bonuses for 2009 may jump 40 percent to $26 billion, according to estimates by compensation consultant John son Associates. Bloomberg News
