Fact: It makes sense that banks being bailed out not indulge in what one paper describes as "rampant CEO pay." The public's outraged enough over Wall Street bonuses, and on principle, the idea seems sound.
Fact: But I can understand the argument that imposing a $500,000 cap on senior executives at banks getting government help may make it difficult to find real talent to fill those roles. Naysayers say now more than ever, banking needs the heavy-hitters—those who have the ability and the commitment to work long hours to get their institutions on an even keel again—and that if they're not compensated accordingly, they'll probably find work in other industries.
Can you hear me ping-ponging between both sides of the argument?
• Private school: $32,000 a year per student.
• Mortgage for a (nice) three-bedroom co-op: $96,000 a year.
• Co-op maintenance fee: $96,000 a year.
• Nanny: $45,000 a year.
• Annual mortgage payments for a house in Southampton: $240,000.
• At least three ball gowns for attending high-profile events: $35,000.
• Groceries: $15,000
• plus driver, trainer, $8.50 frozen hot chocolates at Seredipity, etc ...
• Mortgage for an Upper East Side (non-Park Avenue) two-bedroom (with dining room convertible to a third bedroom): $66,000 a year.
• Co-op maintenance fee: $36,000 a year.
• Public school: FREE.
• Afterschool classes and occasional babysitters: $12000 a year.
• Annual two-week rental for a three-bedroom house in Sag Harbor: $10,000.
• Three gowns for high-profile events: $2250 ($750 apiece if you shop smartly and don't buy couture; this floor-length Nanette Lepore dress, for instance, costs $695 at Shopbop.com.)
• Groceries: $12,000 (generous, but not outrageous for family of 5).
• Monthly Metrocards: $81 per person per month.