World’s Biggest Fuck You

By Tomoeh Murakami Tse
Washington Post Staff Writer
Tuesday, January 12, 2010

NEW YORK — As resurgent Wall Street banks prepare to hand out billions of dollars in bonuses — their first since returning federal bailout funds — the payments are drawing intense scrutiny from regulators and politicians.

New York Attorney General Andrew M. Cuomo sent letters on Monday to the nation’s eight largest banks demanding a detailed account of the bonuses planned for employees.

“The banks made money only because the taxpayers gave them a lot of money,” said Cuomo, who has requested a response to his demand by Feb. 8. “They are institutions that would have failed were it not for the taxpayer money . . . Let’s not forget there is a context here.”

On Tuesday, regulators at the Federal Deposit Insurance Corp. are scheduled to consider a proposal to link the size of insurance premiums paid by banks it oversees to the soundness of their executive compensation policies.

Just a year after receiving billions of dollars in taxpayer assistance, banks are expected to pay bonuses for 2009 that will rank among the largest in Wall Street history. Most of the nation’s largest banks have returned the taxpayer funds, thus escaping compensation restrictions, in large part because they were able to make profitable trades and raise money in markets thawed by federal rescue programs.

The public will get a sense of this year’s payouts on Friday, when J.P. Morgan Chase plans to issue its results for 2009. Among the most watched figures will be how much each bank set aside in compensation.

“All indications are that levels continue to be quite high,” said Lucian Bebchuk, a Harvard law professor who has advised the Obama administration on executive compensation. “Thus far, the evidence is not encouraging, with neither levels or structures being reformed to the extent that is necessary for addressing the problems of the crisis.”

Public negotiations

Through it all, banks have tried to appease public discontent. Goldman Sachs chief executive Lloyd C. Blankfein has apologized for his firm’s role in the financial crisis and called for industry-wide compensation standards. But there is lingering skepticism that deeds will follow words.

Some Wall Street firms have made changes to their compensation policies as they seek to minimize the negative publicity that will likely follow the bonus decisions, to be finalized over the next several weeks.

Overall, Wall Street executives are preparing to take home packages made up of more stock-based awards and less cash. More senior executives could see the stock portion of their bonuses rise as much as 20 percent, while rank-and-file employees could receive about 10 percent more in company shares, according to one executive at a large bank. Goldman is compensating its top 30 executives entirely with stock.

Bank of America and Citigroup, which received heavy taxpayer assistance, have instituted clawback provisions for bonuses to senior executives; these aim to reward long-term performance and rein in the reckless behavior that regulators have blamed for playing a role in the financial meltdown. Morgan Stanley, which also has such a provision, is planning to tie 25 percent of deferred pay for about 25 top executives to specific performance metrics, according to a person familiar with the bank’s plans. At least 65 percent of their pay will be deferred. Bank of America is planning to have a larger portion of its bonuses deferred and tied to the performance of its stock price.
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J.P. Morgan, meanwhile, is expected to allocate a lower percentage of its total revenue to compensation compared with the previous year, although absolute pay levels will likely rise because of the firm’s sharply higher earnings in 2009. Investment banks usually have set aside 50 percent of their annual revenue for compensation expenses, with a chunk of it paid out in year-end bonuses.

“Morgan Stanley’s board and management clearly understands the extraordinary environment in which we operate and, as a result, have made a series of changes to the firm’s compensation practices,” Mark Lake, a bank spokesman, said in a statement.

The fine print

Compensation experts say that the details will determine just how meaningful the proposed changes will be, though the banks in many cases have yet to clarify specifics. What exactly constitutes inappropriate risk-taking? Under what circumstances will clawbacks be triggered? How soon will the stock grants and stock options vest?

Some critics argue that measures meant to fix excessive compensation may produce the opposite effect, with stock-based grants simply gaining value because of an economy that is recovering from the worst downturn since the Great Depression. As scrutiny on bonuses intensified during the downturn, financial firms have increased the proportion of bonuses paid out in stock and options to buy stock. Last year, executives received their stock-based grants at what turned out to be bear-market lows.

During the first six months of 2009, the chief executives of financial companies in the Standard & Poor’s 500-stock index who were awarded stock grants received an average of $2.4 million in restricted shares, which by the end of the year had soared 70 percent to $4.1 million, according to an analysis of data by Equilar. Stock options were worth an average of $4.9 million per executive.

Stock option awards generally vest over a three-year period, which means executives will be able to cash in soon on a third of the awards granted last year. Options pose more risk for executives, who would get nothing if the stock is trading for less when the options expire.

“There’s slight improvement but in a fundamental way, they still don’t get it,” said Nell Minow, co-founder of the Corporate Library. “It fails to account that the market on the whole is on an upward swing. And there is no discount [in bonuses] whatsoever for the government subsidies . . . On the downside they’re all socialists and on the upside they’re all capitalists.”

Misled Youth

MISLEDYOUTH

Jan 7th – Jan 25th 2012

Opening Reception Jan 7, 2012 (6pm-9:30pm) Music by AKA LUV, Gvcci Hcci, Youthquake

Fourth Wall Project
132 Brookline Ave, Boston, MA 02215

FEATURING THE ART OF

LIL INTERNET (http://SOUNDCLOUD.COM/LILINTERNET)
*
NICKY LESSER (http://www.nicolelesser.com/)
*
KORAKRIT ARUNANONDCHAI (http://www.korakrit.com/)
*
MR NVR
*
NICKZ
*
VICTOR VAZQUEZ (http://dasracist.net/)
*
BEA FREMDERMAN (http://www.beafremderman.com/)
*
ERIC SHAW (http://www.flickr.com/photos/ericdrawshaw/)
*
LUCAS KING (VOMIT CITY)
*
BeN WOLF NOAM (http://wolfnoam.tumblr.com/)
*
ALEX KELLEY-HOFFMAN (http://www.hdboyz.com/)
*
JEFF JOYAL (http://jeffreyjoyal.com/)
*
JEANETTE HAYES (http://twitter.com/#!/jeanettehayes) **
*
ISAI MENCIA JR (EMOTIONAL SHOWERS)
*
SEYCHELLE OD ALLAH
*
COCO YOUNG (http://cocoyoung.blogspot.com/)
*
AUSTIN Eddy (http://jaustineddy.com/)
*
SCOTT R KEIGHTLEY (lostboyskingdom.tumblr.com)
*
GREG FOURNIER (http://ouchmyheart.com/)
*
WILLIAM BALL
*
ELISSA SALAS (http://overdoseone.tumblr.com/)
*
ANGELIQUE ALVAREZ (http://5footliving.tumblr.com/)
*
JACKSON KELSEY

LIVE MUSIC SETS
BY
*AKA LUV

*LACEDGHOST (tweenage wasteland)

*GVCCI HVCCI (NSFW)

*YOUTHQUAKE (NYC PUNX)*BOSTON.DEBUT*

http://www.facebook.com/youthquakenyc

EXPECT
ART///MUSIC///BEER?!/////FUN///
@
Fourth Wall Project
132 Brookline Ave, Boston, MA 02215

any ? call isai @ 978 837 2678

Holiday Bodega Product

New Bodega product is up for sale online. I did 3 of the stickers and the updated gucci flag tee. Hope you like.

On sale at bdgastore.com

Holiday Market


Dec 17 – Jan 4th

Artist Reception Dec 21st (7-9pm)  Sounds by DJ Frank White

Paintings, Prints, Photos, and Presents by AntiDesigns, Evoker, Fish McGill, Iris Grimm, James Mustin, James Weinberg, Josh Durant, Josh Falk, Lee Beard, MRNVR, Pat Falco, Percy Fortini-Wright & Ryan Lombardi

 

Fourth Wall Project

132 Brookline Ave.

Boston MA

 

Hours:   Tues-Sat 1-6pm,  Sunday 1-5pm.   Closed Xmas, Xmas Eve, NYE and Mondays

Odd Future

Left Brain and Domo Genesis stopped by the shop earlier in the day and came out rocking some nice tees at their show in Boston.

The Return of The Living Dead (1985)

If you play this flick while listening to Misfits or Slayer and you have yourself a seamlessly fitting movie+music mashup. Seriously, I tested this.

Superbowl Shuffle vs. Ask Kobe How My Ass Taste Freestyle (Shaq)

Which display of musical inclination set the bar higher for athlete driven musicianship?

Space 242 Presents: Revenge Of Freeky Fright Nights

SPACE 242, Boston’s LowBrow Destination Proudly Presents

REVENGE OF…FREEKY FRIGHT NIGHTS!
Annual Halloween Horror Ho-Down

FOUR DAYS ONLY! October 28-31
Opening Reception Friday, October 28 7-9pm
Costume Ball/Contest Saturday, October 29, 7-9pm
Gallery Hours: 1-7 Friday, Saturday, Sunday, Monday

SPACE 242 at Fourth Wall Project
132 Brookline Avenue, Fenway, Boston
[space242.com] [fourthwallproject.com]

Featuring Spooky and Halloween-Inspired Artwork By:
Alyssa Adams, R. L. Allison, Allison Bamcat, Joshua Baptista, Jessica Beebe, Andy Bell, Rocco Bittelari, Eric Bornstein, Amanda Boucher, Eliza Brown, Kimberly Buhler, Alex Carlson, Roxanne Chichowlas, Madeline Copp, Ellen Crenshaw, Mary Curtin, Kat Cuseo, Nicole Duennebier, Jyll Ethier-Mullen, Logan Faerber, Pat Falco, Anthony Feliciano, Michael Georgeson, Danielle Gosselin, Molly Halligan, Brian Hart, Scott Holloway, Alethea Jones, Joe Keinberger, Patt Kelley, Ron LeBrasseur, Jennifer Lewis, Aerica Lovett, Keith MacLelland, Natalie Magri, Steven Mardo, Kelsey Marr, Joey Mars, Fish McGill, Indigo Moorhead, Karen Moss, Greg Mutaffis, Scott Murry, Christian Noise, Jane O’Hara, Shannon Orcutt, Dave Ortega, PenCapChew, Rhonda Ratray, Mister Reusch, Dana Ricciardi, Heather Rose Anair, Caitlyn Ryan, Jennifer Schmenke, Lisa Scollan, Bob Stearns, Stones, Nick Sullivan, Tom Torrey, Kristen Uroda, John W., Maegan Wackell, Tami Wicinas, Katrina Wilbur, Bethy Williams, Brenda Wilson, Keith Zoo

SPONSORED IN PART BY
The Weekly Dig, Fourth Wall Project, Drink Masters

Click here to RSVP for the next opening!

Yuki Matsuda

Classic made in U.S.A. footwear and luggage are exceptional as traditional artifacts of the rugged and refined American past. -Yuketen Philosophy

Inventory Magazine managed to catch up with Yuki Matsuda, founder of the Maine based luggage and footwear company Yuketen.  The interview focuses on the many dimensions presented in the this year’s Fall/Winter offering which you can find in-store as well as in our webshop.

Was there any source of inspiration behind the FW11 collection that differed from previous seasons?
For FW11 I wanted to maintain the overall Yuketen aesthetic of classic American outdoor sporting lifestyle in addition to classic town and country American lifestyles.  Of course there are some new style additions for FW11 but overall the feeling is the same as with past seasons.

Does working in Maine feel it has influenced the direction of your brand? We know the region holds a special place in your heart.
I love Maine and I always enjoy spending time there.  Maine living is like being transported back in time 40 – 50 years because there is an overcoming feeling of freedom which cannot be experienced in a metropolitan area. Maine is removed from the influences of modern city life and there are less people so I feel great freedom when I am in Maine. I love all countryside areas throughout the World. I think I am more at peace when surrounded by nature.

More of this interview here.

Milton Glaser on Celluloid

Milton Glaser is American graphic design. The breadth and depth of his work stretches far and wide (co-founder of New York magazine and creator of the “I Love NY” campaign) but a couple things remain certain, the man’s ability to craft messages creatively in a manner that remains simple and to the point.  A documentary released last year ‘Milton Glaser: To Inform and Delight’ shadows him through daily activity with commentary that reveals his seemingly infinite intellect and originality.  Check out the documentary trailer above and buy/rent it through iTunes here. Also down bottom is Glaser’s TED speech, circa 1998, where he explains the use of design to make ideas new.

http://www.youtube.com/watch?v=tWmJcR-x_hc

And Still…Deadstock Kings

Operating in Los Angeles since 2009, shop ‘And Still‘ has been consistent in fulfilling the role of purveyor when it comes to deadstock vintage.  From jacketing to snapbacks, their inventory offers a variety of brands that cover all bases of vintage sports team apparel. Co-owner of ‘And Still” and native New Englander, Kirk Tilton, was recently interviewed by SneakerFreaker as a part of the mag’s comprehensive feature on THE team apparel brand Starter.  With the supply of deadstock vintage always on the decline, you can confide in ‘And Still’ to continuously offer up some gems.  Big ups ole homey.