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Smitros
10/21/09

In reply to Goldman Sachs' Neediest Cases
This brings to mind a Robert Reich commentary on the radio program Marketplace that suggested giving to non-profits mainly for and by the well-to-do should lose its tax-deductible status. #goldmansachs
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BettyCrocker
10/20/09

In reply to Goldman Sachs' Neediest Cases
For the past 20 years, the very best private schools have been busily setting up endowment funds to keep tuition low, with the ultimate goal of making it very cheap or free to attend. The purpose of this is to make them schools for smart kids, as opposed to schools for rich kids.

According to my parents, I am but a halfwit, yet I take comfort from the fact that it costs less to attend my high school now than it did in the early '80s. #goldmansachs
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baconismyaesthetic
10/20/09

In reply to Goldman Sachs' Neediest Cases
I worked as a personal secretary for a multi-millionaire in Greenwich for a number of years. I worked at the family's mansion. When I applied for the job, I asked the person what the philanthropic duties of the job were. I had been drawn to the ad because it made a big deal about helping the head of the household with their philanthropy, good causes, stuff like that. I was hoping it would be along the lines of helping those most in need. My boss assured me that the work involved making real change in the world. Once I was hired, it turns out all their philanthropic work involved the Greenwich country day school and the Greenwich historical society. Not exactly what I had had in mind.
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BettyCrocker promoted this comment Edited by baconismyaesthetic at 10/20/09 6:50 PM baconismyaesthetic was starred

raincoaster
10/20/09

@baconismyaesthetic: Changing the beds from gladioli to dahlias, perhaps? #goldmansachs
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son of spam
10/20/09

In reply to Goldman Sachs' Neediest Cases
I really don't like defending GS, but I guarantee most of the items cited are matching contributions on employee donations. The alternative is to have Blankfein and senior executives direct massive charitable donations to whatever non-profit organizations are their favorites. #goldmansachs
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SudiptaPers?phon
10/02/09

In reply to Don't Worry, Ad People Still Make Astronomic Salaries
Oh how I wish bill rate = salary! As someone in the biz that also puts together the scope of work for Clients, I can tell you that I am billed out at 3.5x my actual salary.
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Lizawithazee
10/02/09

@SudiptaPers?phon: Don't most of the chief creative types get some kind of profit sharing, etc. that substantially boosts their income?
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Lizawithazee
10/02/09

In reply to Don't Worry, Ad People Still Make Astronomic Salaries
Come on, those funky glasses and weird shoes are expensive.
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Hamilton Nolan
10/02/09

In reply to Don't Worry, Ad People Still Make Astronomic Salaries
Yes, I am making a logical leap that based on those hourly rates their salaries are astronomical. It's not that much of a leap though.
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Astigmatism
10/02/09

@Hamilton Nolan: If by "astronomical" you mean "more than they're worth," than you're probably right. But as BadUncle indicates, the law firm model (the one I'm familiar with) suggests something very different. My salary is about a quarter of my billing rate if you estimate a 2000-hour work year. A paralegal's salary might be an eigth of her billing rate.
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BadUncle
10/02/09

@Hamilton Nolan: Right. Emotional accounting is easier than reading an annual report, anyway. But using the miracle of Google, I found that a Razorfish CD makes an average of $144K; one at Digitas makes $115K; and DDB makes $140K. "Astronomical?" Sure, by the pay scale of Guatamala City, maybe.
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Hamilton Nolan
10/02/09

@BadUncle: The $964/ hr is for chief creative officers at large agencies, not the guys making $115k. If anyone billed $964 an hour and walked out with $115k a year, that would be another story entirely. About being screwed by your employer.
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Astigmatism
10/02/09

@BadUncle: The guys at DDB deserve a raise. Not only because they're apparently below market, but also beacuse of this:
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BadUncle
10/02/09

@Hamilton Nolan: Dude, DDB is a global agency. But maybe you've heard of Ogilvy & Mather? Average CD salary there is $121K. CNN Money says the average CD salary across the country is $118K.

I don't think you understand how agencies pay their bills. Everything from salaries, benefits, rent and heat to pencils and IT personnel is folded into an hourly rate of billable work based on employment - not salary - grade. So, either most agencies "screw their employees," or you haven't run a service business.
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Hamilton Nolan
10/02/09

@BadUncle: Since I'm employed as a professional blogger, you can infer I haven't "run a service business." But my point was that I think the positions you're quoting salaries for are not the same position I'm quoting a salary for. Unless you think Alex Bogusky, for example, makes $115k.
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BadUncle
10/02/09

@Hamilton Nolan: Again, you're quoting a billable rate and inferring it's a salary rate. They are apples and oranges - for the Bogusky's or the non-partner CDs. As a rule of thumb, a position is given a per hour value by an agency. Those hours are billed to a client with a mark-up of 50-200% (depending on the client contract). That's how overhead is paid.
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Edited by BadUncle at 10/02/09 4:45 PM BadUncle was starred BadUncle was unstarred

BadUncle
10/02/09

In reply to Don't Worry, Ad People Still Make Astronomic Salaries
Well, there's some gross simplification. As in law firms, accounting firms and any other service business, that theoretical $1000 per hour billing doesn't translate into $1000 salary. Much of that ends up keeping the lights on, paying the rent, and keeping non-billable personnel in jobs.
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Uncle_Billy_Slumming
10/02/09

In reply to Don't Worry, Ad People Still Make Astronomic Salaries
Is that really true though? Don't they usually kick half of it back?
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Motoko Kusanagi
10/02/09

In reply to Don't Worry, Ad People Still Make Astronomic Salaries
Bill Rate != Salary
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