So let’s say that theoretically I really like you. And theoretically, even though it sounds moronically cliché and overused, you give me butterflies. And just for kicks, let’s add that, all in theory of course, you may be the one of the most wonderful people I have ever met. And hypothetically, my heart beats ten times faster when I see you. Do you think that you would supposedly, and in the most theoretical sense, feel the same?
The financial industry represents one of the most beneficial in financial terms of all industries. This is due to the fact that the salary and bonuses that the five CEOs that receive the highest remunerations amount to more than nine million dollars every year. The amount is significantly increased when the value of such investments as stock option and grants, and other long-term motivations are added.
We are all well familiar with the many actors, athletes and initiators of high-tech companies, who make their millions, but most of you haven’t even heard of many Wall Street millionaires. Some of them possess more money than even the accumulated sums of several superstars. But they are not public celebrities that can be recognized while walking on the street.
A study on the salaries, bonuses, stock option gains and grants, long-term incentive payouts and grants of several financial CEOs have been made by the Wall Street Journal in alliance with the Mercer Human Resource Consulting. It was conducted on the basis of data obtained for the year 2005 from proxy statements from 350 major US corporations.
Here is a chart of the five richest financial advisors for 2005.
Charles Schwab (Schwab)
Charles Schwab possesses:
- Salary and bonuses – more than $4.8 million
- Stock option gains – $17 million
- Realized direct compensation – $21.8 million
It is surprising to know that Schwab had to terminate his retirement in order to come to the rescue of his company.
Marion and Herbert Sandler (Golden West)
They both share the fifth position with Mr. Schwab. They possess
- Salary and bonuses – $1.5 million each
- Stock option gains – $20 million
- Realized total compensation – between $21.7 and $21.8 million
John Mack (Morgan Stanley)
Mr. Mack has re-joined Morgan Stanley in the middle of the year, which explains his salary of $337,500. It represents only half a percent of the total compensation he has received. So:
- Salary – $337,500
- Bonus – $11.5 million
- Stock option gains – $30 million
- Restricted options for joining the company – $26 million
- Realized direct compensation – $68 million
E. Stanley O’Neil (Merril Lynch)
The case of Mr. O’Neil is the same as that of Mr. Paulson with regards the lower salary, which is being compensated by the higher amount of bonus.
- Salary – $700,000
- Bonus – $34.3 million
- Stock option gains – $3 million
- Total realized compensation – $38 million
Henry Paulson Jr. (Goldman Sachs)
- Salary – $600,000
- Bonus – $29.5 million (Henry Paulson compensated the low salary by this large sum of bonus.)
- Realized total compensation – over $30 million (Note: This sum doesn’t include distributions form a private investment fund in which he participated, which amounted to $12.7 million. If this money has been included, he would have been in a higher position in the chart.)
And the winner is …
Richard Fuld Jr. (Lehman Brothers)
The winner in the competition “Who is the richest CEO?” made:
- Salary – $750,000
- Bonus – $28.7 million
- Stock option gains – $75 million (thanks to the 51% shareholder return)
- Stock options – $10 million
- Total realized compensation – $104.4 million
Footnote: Richard Fairbank (Capital One) should be the real winner in this race, but his payment structure is quite different from the others’. This is so since he hasn’t received any salary, bonus or incentive. His wealth of $249 million comes from the realized stock option gains.
Canada is a multicultural nation. It simple means that Canadians are not just comprised of just one background, race, culture, traditions, beliefs or heritage. Instead, Canadians reflect a vast diversity of different nationalities and racial groups coming together, living together and working together as a country. It is Canada’s commitment in unifying different races comprised of the whole country into one. Our diversity is a national asset especially in the international sphere. After all, Canada is recognized to be the first multicultural country in the world.
Everyone who has migrated to Canada bring their language, culture, and religion with them to Canada. It is basically an advantage to learn from others as well as pass on some knowledge about your own culture and traditions to other people. Thru multiculturalism, Canada recognizes the potential of each individual, encouraging them to integrate into their own society and take part in social and cultural events.
We all live among other races and nationalities, so it affects the very fabric of each person’s relationship with others. We personally count people from different religions and backgrounds as friends and treat them as one. In the story “Ancestors – The Genetic Source” by David Suzuki, he had mentioned the difficulty in merging together his identity as a Japanese Canadian. He mentions that environment overrides genes and that’s mainly because we also all work with people from different ethnocultural background. Yes, we have a lot of ethnicities, but since when was that a negative thing? It definitely has improved the country’s issues better than it being a homogeneous society.
In the story “Québécitude: An Ambiguous Identity”, Guy Bédard, even wrote All identities are a construction of mind which means that identity involves how each person thinks. He wrote about him being a French-speaking Catholic and it shows how it had changed meanings because of the formation of other nationalities from around the world. Canadians who speak many languages and understand various cultures make it easier for Canada to participate in worldwide issues, especially in important areas such as business and education.
So it provides writers the need to be heard and understood. Canadians are exposed everyday to a variety of ethnic foods, cultural shows, folk dances and such, which helps Canadians become more open to the idea of accepting various backgrounds and being aware of the values that each individual possess. In the story “A Wedding in Toronto” by Austin Clarke, his family had accepted his bride more than her own family where they had not bothered showing up on her wedding because of her spouse’s ethnic background. Thus, being more knowledge and multicultural makes us more motivated to get to learn about ourselves while maintaining their identity and responsibilities within the society and still be able to retain dual identities.
As often as we interact with one another, this is a huge increase of cultural sharing. When an immigrant comes to Canada, they can still maintain their old contacts, their own personality, their own traditions and beliefs, while forming new friendships, new relationships, new identities and enhance our knowledge on the Canadian culture. The Canadian identity is based on public acceptance of physical differences and support the pluralism of origins, which is a fact of the urban life.
Writers know their right to be heard and be spoken and therefore still are able to keep their ethnic cultures alive while struggling to have a dual identity being recognized as a Canadian. Canada is rooted in difference. So, we each have adopted an identity that will continue to remain elusive. Canada has fluidity. We have seen what comes from the old traditional rules but it has changed as the times change. Our differences are definitely our strength.
The rest of the world looks to Canada in these realms, and these social issues are among the most challenging issues confronting society. So it is a strength, not a weakness, that the more diversified we are, the more we are tolerant and open in accepting others as fellow Canadians to form a mosaic together to become a unified Canadian identity, while still taking pride in their unique individual heritage.
This article impressed me because I really do believe that women are the stronger sex. Just look at the diversity of the roles women play nowadays. Whether they have suffered a lot from their origin country or simply motivated by the need to achieve and be confident about their ability to make their dreams comes true in Canada, women are the pillars of strength and vital participants in Canadian community. They go through a lot more than their male counterparts in terms of challenges and stressors surrounding their work in the daily living of settling in for their quest for ethnic continuity and attempts to enter the labour market. Everyday they face a multitude of personal, professional, cultural, and career challenges and from what I’ve seen firsthand, always keep motivating themselves to move nowhere else but up, even in difficult times.
Canada is a nation of immigrants. Elinor Caplan, the minister of Citizenship and Immigration personally believes that “Immigration made the last century a success for Canada. ” Immigrant women are always ready to make sacrifices for their families and to achieve their own personal goals in life. They spend more of their personal time catering to the everyday demands of their families than pursuing further education or career paths. There are many obstacles but immigrant women have strong personalities and most are able to overcome them. A few just stay separated and a few others melt down and become depressed. The ones that stick out are goal-oriented and will not mind barriers in front of them, instead keep finding ways to motivate themselves to do more in Canada than males.
Another similar article found in the hot immigrations issues folder talks about median earnings of women and men here in Canada. It showed that women earn on an average $15.12 while men only earned a dollar less. Eventually with experience, volunteer work and formal education, immigrant women have more opportunities. I choose to believe whatever unique personalities immigrant women have or how different they are based on their traditional mindsets and beliefs, they can make a successful living if only they are not daunted by the everyday challenges and defeats, but take it as an important learning factor. As a young woman myself, I believe there is no such thing as failure. Everything that happens right here in Canada, is an opportunity for learning and improving ourselves and those that surround us.
Women from I have lived in my entire life in the Middle East, have been constantly told on what to do their entire life. From their fathers to their brothers and husbands in their lives, they have been told how to look like, what to wear, how to act, what to do next. Their decisions were not counted and shared with. Even if women are stronger than men in some aspects, such as physical pain, there is always some sort of tenderness that is proper to women’s nature. I think a woman’s warmth, kindness, and femininity are what makes them strong and powerful in the Western culture. I also believe a woman’s real strength and power comes from knowing who they really are and living their life to the fullest. Here, I know where I want to go in life, usually by trial and error. In order for me where I am today, I listened to my mother and few mentors from work and college to provide advice that are in my best interests. I was able to find creative means to apply my skills and experience from back home to here in Canada and found that I had taken more initiative and was determined to be successful here.
Recent studies from Newsnet, show that women have several positive attributes for leadership. We are more persuasive than our male counterparts. It has also been found that women tend to learn from diversity and are more persistent. Women develop an inclusive, team-building leadership style to solve problems and make decisions. Finally, women are more likely to ignore rules and take risks. Researchers say men also do exceptionally well in those areas, but women just do it a little better. Immigrant women act more decisively. We think, plan accordingly and go about based on a combination of our skills and talents.
Once an immigrant woman is empowered to do more, she have the ability to analyze a situation and move forward in a rational way. We also tend to be more entrepreneurial because of the many open doors here in Canada. I personally have learned the value of women and our rights and I believe Canada can and should do more to protect immigrant women as they are significant contributors to the economy and our communities.
Bill Gates recently gave a speech at a High School about 11 things they did not and will not learn in school. He talks about how feel-good, politically correct teachings created a generation of kids with no concept of reality and how this concept set them up for failure in the real world.
Rule 1 : Life is not fair – get used to it!
Rule 2: The world won’t care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.
Rule 3: You will NOT make $60,000 a year right out of high school. You won’t be a vice-president with a car phone until you earn both.
Rule 4: If you think your teacher is tough, wait till you get a boss.
Rule 5: Flipping burgers is not beneath your dignity. Your Grandparents had a different word for burger flipping: they called it opportunity.
Rule 6: If you mess up, it’s not your parents’ fault, so don’t whine about your mistakes, learn from them.
Rule 7: Before you were born, your parents weren’t as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parent’s generation, try delousing the closet in your own room.
Rule 8: Your school may have done away with winners and losers, but life HAS NOT. In some schools, they have abolished failing grades and they’ll give you as MANY TIMES as you want to get the right answer. This doesn’t bear the slightest resemblance to ANYTHING in real life.
Rule 9: Life is not divided into semesters. You don’t get summers off and very few employers are interested in helping you FIND YOURSELF. Do that on your own time.
Rule 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs.
Rule 11: Be nice to nerds. Chances are you’ll end up working under one
My story begins with my mother’s decision in settling down here and completed the immigration form since 1998 and was approved by June 2005. I felt that if Canada needed professionals from various backgrounds, why did it take 7 years to make that decision? We had lived in Dubai my entire life. I had pretty much moved to Dubai since I was 3 years old. My mother was a surgeon working in one of the well-known hospitals and my dad still is a Public Relations Officer owning his own business as well as working for the government. My younger sisters were still in high school and had found it difficult to leave their friends they’ve known since pre-school behind. As for me, I was working in Standard Chartered Bank as an Assistant Team Leader in the Auto Loans Collections department. Within 10 days of being approved, we had packed up all our necessary belongings and booked our flights. Next thing I remember was saying goodbye to my friends and colleagues at the airport on June 12, 2005. We arrived and had stayed with my uncle and his family in Mississauga, Ontario. My mom fell in love with Mississauga because of how convenient everything was and how residential the city was. My uncle had toured us around so I had a chance to see Toronto, Niagara Falls, the Casinos, etc. But as soon as it came to finding jobs, my parents especially had found it was very difficult to get accepted to a similar professional position that they have back home. My mom was not even allowed to work in any departments of the hospital without having any prior Canadian experience. My dad had applied everywhere and was not even telephoned back for an interview. My dad and I left after 10 days of arriving as I was getting homesick and depressed. I went back to work in the same bank and dad went back to work the next day we arrived. My mom would fill me in with the details of having to move out from my uncle’s house and getting an apartment near to my sister’s high school in Port Credit. They had struggled so much trying to find how to survive on a daily basis as they were not familiar with the places to go buy stuff they had needed for the home, or had no car to get there. They learned how to use the subway; Mississauga Transit as well as the Go Train/Bus to go to downtown Toronto. I had flown alone on March to celebrate my mother’s 40th birthday and she had told me it was nothing she had expected. She felt really sad about leaving Dubai, a place where we both call ‘home’. She had to start her nursing Master’s Degree all over again because it had been more than 10 years since she had taken the test. She needed to go to York University and pursue further education to be employed as a RN. My sisters were slowly adjusting to the life in Canada. They met kids their own age and were getting to know places and people. I went back to Dubai by the end of March and decided to move finally with my mother who needed my help in August 14, 2006. Experiencing exactly what she had warned me about was very challenging. I had to apply for a job and study high school credits since my university credits were not recognized in any colleges or universities here. I had to take English 12 and Math 12 again as well as other pre-requisites required. It was very tough and at times, I felt I just needed to go back home. But after seeing my mom suffer, doing so would make me a selfish person. I still have great difficult establishing what I want to be here in Canada because of its very limited career prospects. I felt that my skills were withering and my finances were definitely tumbling. It does not seem to offer a common culture, a common language, or even a common protection under the law. It took me a year and a half to recognize my situation when I found out that I had already developed depression. Today Canada still has more problems than before such as racial segregation, low salaries among minorities and overly educated blue collar workers. I feel there are no real opportunities for newcomers. It is built on false hopes and dreams. By October 2006, I was lucky to get accepted in a similar job position at the Royal Bank of Canada working for the Visa department in Toronto. And now, I was also lucky to be accepted in the Banking & Wealth Management program in Sheridan Trafalgar campus and have friends from different places, which makes life a bit more exciting.