Defer madness: 3-year wait for Morgan Stanley cash bonuses

Wall Street’s high-rollers are facing a cash crunch.

Morgan Stanley is deferring cash bonuses for its top executives for three years as new regulations and stricter capital requirements force banks to slash staff and pay.

The belt-tightening moves come as other banks, including UK-based Barclays, are planning to cut bonuses and trim staff in the coming weeks, The Post has learned.

Banks like Morgan Stanley also are facing heightened pressure by regulators including the Federal Reserve and the Office of the Comptroller of the Currency to defer more cash bonuses in an effort to tamp down the sort of perverse incentives that many believe led to the financial meltdown.

AP

President and CEO of Morgan Stanley James P. Gorman.

Bankers this year are widely bracing for smaller bonuses, including cuts of as much as 30 percent in some areas.

Morgan Stanley, which is gearing up to lay off 1,600 of its investment bankers, would defer cash bonuses for all employees earnings more than $350,000 — or those due a bonus of at least $50,000. Lower-paid employees would not have their bonuses deferred.

The high-pay group would get 25 percent of their cash payout in May and then in equal payouts in three successive Decembers, a person familiar with the situation said.

Bankers’ stock awards would vest over three years, starting next January.

Last year, Morgan Stanley chief James Gorman limited bonuses to $125,000 and set the cash-deferral bonus payments to those receiving salaries of $250,000 or more.

“Some execs cried poverty,” hence the increase, according to one person familiar with the situation.

Gorman, who has hitched the company’s success to its 17,000-strong wealth managers, has been thinning its ranks in its volatile investment banking platform.

Activist investor Dan Loeb of Third Point Capital has taken a stake in the company and has been pushing it to lower compensation costs.

Morgan Stanley bankers are due to learn the size of their bonuses on Thursday — a day ahead of the release of the bank’s fourth-quarter results on Jan. 18.

Many of Morgan Stanley’s compensation changes have been aimed at limiting costs and have targeted cutting the fat at its highest levels.

The bank is expected to promote the lowest number of managing directors it has since 2009.

“Morgan Stanley is trying to use all the tricks in its playbook to shrink their size,” said Wall Street recruiter Michael Karp.

A Morgan Stanley spokeswoman declined to comment.

Meanwhile, Barclays is said to be pushing to limit the number of senior managers it elevates as it also moves to trim its ranks.

Under new CEO Anthony Jenkins, Barclays has been aiming to restructure the big international bank, which was whacked by the London Interbank Offered Rate, or Libor, scandal.

That regulatory dust-up forced former CEO Bob Diamond and other top officials to step down.

Jenkins is slated to announce changes at the bank when it releases its fourth-quarter results on Feb. 12.

mark.decambre@nypost.com

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Miami Dolphins bill would bring state money to aging stadiums

A bill drafted by the Miami Dolphins would give Florida sports teams $3 million a year in state money to improve older stadiums, provided the owner pays for at least half the cost of a major renovation.

Under the law, the stadium would need to be 20 years old and the team willing to put in at least $125 million for a $250 million renovation. That’s less than the $400 million redo of Sun Life Stadium that Dolphins owner Stephen Ross proposed this week, which he hopes will win state approval thanks to his offer to fund at least $200 million of the effort to modernize the 1987 facility.

Miami-Dade and Florida would fund the rest through a mix of county hotel taxes and state general funds set aside for stadiums. Sun Life currently receives $2 million a year through the program, and the Dolphins want to create a new category that would give them an additional $3 million.

While the Miami Marlins and Miami Heat both play in stadiums subsidized by county hotel taxes, the Dolphins receive no local dollars. The bill would change that by allowing Miami-Dade to increase the tax charged at mainland hotels to 7 percent from 6 percent, and eliminate the current rule that limits the money to publicly owned stadiums. Sun Life Stadium, in Miami Gardens, is privately owned but sits on county land.

The bill pits enthusiasm for one of Florida’s most popular sports teams against a lean budget climate and lingering backlash against the 2009 deal that had Miami and Miami-Dade borrow about $485 million to build a new ballpark for the Marlins. Ross also must navigate a Republican-led Legislature that has twice rebuffed his requests for public dollars.

“I would be surprised if that bill even got a hearing in committee,” said Mike Fasano, a Republican representative from the Tampa area and a critic of tax-funded sports deals. “I’m a big Dolphin fan, and have been for years. But with all due respect, we’ve got people who are struggling throughout this state right now . .. The last thing we should be doing is giving a professional sports team or facility additional tax dollars.”

While the bill would open up the $3 million subsidy to other the teams, the Dolphins see it as unlikely that another owner would be willing to put up as much money for renovations as Ross, a billionaire real estate developer.

If the bill were enacted today, any stadium opened before 1993 would be eligible for the money, provided it could show the proposed renovation would generate an additional $3 million in sales taxes.

Ross and his backers are pitching the renovation as a boon to tourism, with Sun Life a magnet for the Super Bowl, national college football games and other major events. The National Football League is considering South Florida and San Francisco for the 2016 Super Bowl, and the Dolphins say approval of renovation funding is crucial to winning the bid.

Sen. Oscar Braynon, D-Miami Gardens, who sponsored the Senate bill, said the funding makes sense because when Sun Life hosts a Super Bowl, the entire state benefits from both tourism dollars and publicity.

“It’s a small price to pay for economic development, and for all the shine we get from major sporting events,” said Braynon, whose district includes Sun Life. Rep. Eduardo “Eddy” Gonzalez, R-Hialeah, is the sponsor on the House side.

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Miami City Commissioner Francis Suarez: I’m running for mayor

It’s official: Miami City Commissioner Francis Suarez is running for mayor.

The 35-year-old son of former Mayor Xavier Suarez will make the formal announcement Tuesday at a press conference at his Coral Gate home.

Suarez’s candidacy has long been the subject of speculation around City Hall. The chatter intensified late last week, when campaign finance reports showed that in the last three months of 2012 he raised $460,000 through his “political communications organization.”

Suarez, in an interview Monday with The Miami Herald and El Nuevo Herald, outlined his vision for the city. It includes replenishing rainy-day funds, promoting small business, beefing up the police department and making the mayor a player on the national stage.

“It starts with having a stable government that is forward-thinking and innovative,” he said.

Despite having flush campaign coffers and key allies, Suarez faces a tough road to the Nov. 5 election. Incumbent Mayor Tomás Regalado has already launched his bid for reelection, and observers say his popularity remains high among likely voters.

“It is going to be a competitive race,” said Barry University political science professor Sean Foreman.

Suarez, a real estate attorney, first ran for the City Commission in 2009. He was elected to represent District 4, which includes Flagami and stretches to the city’s western edge, and was previously held by Regalado.

Early on, Suarez and Regalado often appeared in public together. The mayor asked Suarez to serve as City Commission chairman in late 2011.

But the relationship soured last summer, when Suarez grew increasingly critical of Regalado’s administration. He voiced concerns about the high turnover among top staffers and questioned the finance department’s ability to balance the $500 million budget on time.

Suarez said those frustrations prompted his decision to run for mayor.

“I fundamentally believe that the administration is not being run professionally,” he said. “I have concerns about what will happen if nothing is done about it.”

Suarez said he has already proven his leadership abilities. He points to a pair of controversial motions he made, both of which passed the commission: one to cut employee salaries and another to fire then-Police Chief Miguel Exposito, who was feuding with the mayor at the time.

“I’ve taken the lead on very difficult positions,” he said.

During his three years in office, Suarez has had mixed results passing policy. In 2011, he championed changes to the city zoning code that made it easier to build affordable housing. But his biggest legislative push to date — an effort to create a strong-mayor form of government — failed to find support.

Suarez said he has a couple of new proposals to pitch, including a measure that would reduce permit fees for home repairs that cost less than $2,500. He also said he has ideas for using technology to make city departments run more smoothly.

If campaign contributions are any indication, Suarez will have the support of key business leaders, including Jackson Health System CEO and former city manager Carlos A. Migoya and former Mayor Manny Diaz.

Regalado, who has raised about $160,000 for his campaign and enjoys popularity in neighborhoods like Little Havana and Flagami, said he welcomed the competition.

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Nicki Minaj Cannot Trust Herself on American Idol

On tomorrow's episode of The Ellen DeGeneres Show, American Idol judge Nicki Minaj confesses that she's worried about looking like 'a crazy psycho again' on the popular singing competition.

"I am not really a crazy psycho you guys," Nicki says, referring to the infamous web video that showed the singer/rapper launching into a tirade during Idol auditions. "No, I am serious. I am really not."

Nicki calls the outburst a defense mechanism, explaining that she began to suspect that fellow judge Mariah Carey was displeased with her being on the panel.

VIDEO: Nicki Minaj on Idol Drama: There is No Feud!

With the incident still fresh in her mind, Nicki admits that she is "not looking forward to live shows" because she "cannot trust [herself]."

"Just, like, if there's a slick comment being made..." Nicki says before catching herself. "I just want it to go well. It's about the contestants."

Watch the entire interview on The Ellen DeGeneres Show Tuesday, January 15. Check your local listings.

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Herbalife shares bounce back, to Loeb’s advantage

The bull is now beating the bear.

For the first time since brazenly challenging his fellow hedgie’s theory that shares of nutritional supplement distributor Herbalife were toast, Dan Loeb’s high-stakes bet is worth more.

A 10.1 percent spike in Herbalife’s shares yesterday put estimates of Loeb’s profit on his $285 million bet at $108 million.

Bill Ackman, who on Dec. 19 trashed Herbalife as a pyramid scheme worthy of a regulatory beat down, placed a $1 billion short bet on the company’s stock.

Ackman’s investment — a short of more than 20 million shares — is now just $85 million on the good side, according to estimates, after Herbalife shares are up 69 percent since Christmas.

Reuters

Dan Loeb (above), who has a $285 million long position in Herbalife, nowhas profited more than Bill Ackman, who has a $1 billion short on shares of the nutritional supplement company.

The rise in Herbalife’s shares yesterday was tied to analyst reports that the company would pre-announce strong earnings this week, moving it closer to an ambitious stock buyback program.

Such a buyback could create an enormous short squeeze of Ackman and his Pershing Square hedge fund.

Herbalife shares closed at $42.50 on Dec. 18, the night before Ackman attacked.

Following the assault, the shares quickly fell 40 percent, bottoming at $26 on Christmas Eve.

Ackman likely paid an average price of $50 on shares that he borrowed, said analyst Tim Ramey of DA Davidson.

Herbalife closed yesterday at $44.08, giving Ackman an estimated gross profit, so far, of roughly $120 million.

But Ramey estimated his expenses totaled $35 million — including $25 million paid to the Ira Sohn Foundation to host the three-and-a-half-hour meeting where Ackman expanded on his pyramid attack.

Loeb bought his 8.9 million shares at an average price of $32.

“The stock is now higher than before Ackman opened his mouth on Dec. 19,” said hedgie Robert Chapman, whose Dec. 31 bullish thesis helped spur the stock. “I’m actually starting to feel sorry for him.”

Ackman did not return calls, and Loeb declined to comment.

mcelarier@nypost.com

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SunPass coming to Rickenbacker, Venetian causeways in 2014

The introduction of SunPass on two Miami-Dade causeways is the latest in a series of initiatives to expand use of Florida’s electronic toll-collection system beyond state highways.

“We are hoping that a year from now, in 2014, the new system will be in place on both the Rickenbacker and then the Venetian Causeway,” said Michael R. Bauman, chief of the Miami-Dade public works and waste management department’s causeways division.

Originally, the county had planned to activate SunPass on the causeways in 2012, but the project was delayed because of contractor issues and efforts by all Florida tolling agencies to centralize back-office operations that include billing and other customer services, Bauman said.

Conversion of causeways’ C-Pass system to SunPass transponders will be one of the most significant changes in the history of the storied roads that carry tens of thousands of commuters every day to and from the mainland.

The 5.4-mile Rickenbacker, the longer of the two causeways, is also the newest. It opened in 1947. The 2.8-mile Venetian opened in 1925.

Tolls have been charged on both causeways for decades. The Rickenbacker was the first to adopt electronic tolling in 1997 with the C-Pass system, followed by the Venetian shortly after.

Both causeways still take cash at some toll plaza lanes.

While the plan is to eliminate cash tolls, Bauman said details are more advanced for the Rickenbacker than for the Venetian.

As a result, he said in an interview, details of how SunPass will operate on the Venetian remain undecided.

On the Rickenbacker, however, he said the toll plaza will be removed and its eight lanes will be reconfigured into four lanes with electronic gantries. Cash will no longer be accepted.

In both cases, said Bauman, lower annual tolls paid by residents and commuters served by the Rickenbacker and Venetian will be preserved under the SunPass arrangement.

The vehicles of residents and commuters already registered with causeway systems will be recognized by SunPass, and no additional toll charges will be made, Bauman said.

The current cash toll price on both causeways is $1.50. Whether that rate will remain once SunPass kicks in is still under discussion, Bauman said.

On the Rickenbacker and Venetian, residents with C-Pass transponders pay a flat $24 per year. Nonresidents who drive the Rickenbacker pay $60 per year and Venetian commuters pay $90.

Registration will continue, but it will be done online.

Drivers who don’t have SunPass will still be allowed to use the causeways. They will be billed later via Toll-by-Plate, Bauman said.

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Iowa man, sister reunite thanks to boy, Facebook

DAVENPORT, Iowa (AP) — An Iowa man and his sister have reunited 65 years after being separated in foster care thanks to a 7-year-old friend’s Facebook search.

Clifford Boyson of Davenport met his sibling, Betty Billadeau, in person Saturday. Billadeau drove up from her home in Florissant, Mo., with her daughter and granddaughter for the reunion at a hotel in Davenport.

Boyson, 66, and Billadeau, 70, both tried to find each other for years without success. They were placed in different foster homes in Chicago when they were children.

Then 7-year-old Eddie Hanzelin, who is the son of Boyson‘s landlord, got involved.

Eddie managed to find Billadeau by searching his mom’s Facebook account with Billadeau’s maiden name. He recognized the family resemblance when he saw her picture.

“Oh, my God,” Boyson said when he saw and hugged Billadeau.

“You do have a sister,” Billadeau said.

“You’re about the same height Mom was,” Boyson said.

Billadeau’s daughter, Sarah Billadeau, 42, and granddaughter, Megan Billadeau, 27, both wiped away tears and smiled during the reunion.

“He didn’t have any women in his life,” Sarah said. “We’re going to get that straightened out real fast.”

Boyson said he’s looking forward to visiting Billadeau near St. Louis and meeting more family.

“I’m hoping I can go and spend a week or two,” he said. “I want to meet the whole congregation. I never knew I had a big family.”

Eddie, who enjoys messing around with his family’s iPad, said he’s glad he was able to assist in making the reunion happen and that he learned about helping others at school.

“Clifford did not have any family, and family’s important,” the boy said.

Near the end of their tearful reunion Boyson and Billadeau presented Eddie with a $ 125 check in appreciation of his detective work.

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Stars Hit Up ET's Golden Globe Platform

While overt competition is usually camouflaged during awards season, ET's Nancy O'Dell may have started a Tinseltown rivalry on the Golden Globes red carpet.

VIDEO: Jodie Foster's Moving Golden Globes Speech

While Richard Gere enthralled Nancy and Rob Marciano in a story of how he and Nancy became pals, ET's gal in blue was called over to interview Denzel Washington. As a joke, Gere followed Nancy in feigned rage, confronting the Flight star over what just happened.

"I'm talking to this lady and she says 'Oh no, I gotta go over to Denzel now,'" Gere told Washington. "I was in mid-telling of a story ... Thanks a lot, man."

After laughing off the incident, Washington was proud to introduce his daughter Olivia, a budding actress who was walking the Golden Globe carpet for the first time.

RELATED: Best Golden Globe Award Zingers

President and CEO of CBS Corp. Leslie Moonves also had plenty to be proud of as Homeland took home three statuettes, including Best TV Drama.

"We got a lot of nominations at Showtime and CBS and CBS Films broke through this year, so we're looking forward to it," said Moonves. "Everybody loves Homeland and hopefully Claire [Danes] and Damian [Lewis] also win tonight." Danes and Lewis both won awards for Best Actress and Actor in a TV Drama.

Nancy O'Dell's personal favorite moment of the night involved her assistant and heartthrob Bradley Cooper. Watch the video to find out which lady Bradley could be linked to next.

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Whole new nightmare for teen molest ‘victim’

Andrea Peyser

He JUST wants justice for his son.

It may never come.

In the 2 1/2 years since Mordechai Jungreis’ boy revealed the awful truth — the mentally disabled teen was allegedly molested in a Jewish ritual bathhouse — Jungreis (pictured) has turned from a respected member of the Hasidic community into a leper. A nobody.

Pond scum.

Jungreis, his wife and four children were kicked out of their apartment in Williamsburg, Brooklyn, and forced to move to the community’s outskirts. They found a new synagogue that would accept them.

His son, “badly damaged” by the alleged abuse, was targeted a second time, he said, expelled from two yeshivas. Summer camp, too.

Paul Martinka

People on the street crossed to the other side when Jungreis walked by. Words of abuse were hurled anonymously into the telephone. Or on the street.

As a Jew, I’m horrified that, in 2013, Jungreis, 38, could be punished, vilified and treated worse than a criminal. All for publicly accusing a fellow Jew of a heinous crime?

Finally, tomorrow, Meir Dascalowitz, 29, the man charged in 2010 with molesting the teen, is scheduled for a pretrial hearing in a crime that, Jungreis says, he discovered after finding blood on his boy’s underwear. Jungreis hopes this exercise in jurisprudence will put his nightmare to rest.

He expects nothing.

“I went through hell,” Jungreis, who once considered himself a member of the Bobov ultra-Orthodox community, told me.

“We used to pray in the park, because I wasn’t allowed in the synagogue. My son is not in school.’’

And now, Dascalowitz has the full support of Jungreis’ neighbors.

“Everyone is running away from my child,’’ said Jungreis, whose son is afflicted with learning disabilities and a low IQ. The boy, now 17, is tested regularly for HIV.

“What about my child? This is a disabled child. And they’re screaming at me in the street!”

The ugly cloak of secrecy that has long ruled the Jews of Williamsburg was ripped to shreds last month. A Brooklyn jury convicted Satmar Nechemya Weberman of 59 counts for sexually abusing a now-18-year-old woman from the time she was 12.

The parallels with Jungreis’ case are inescapable. Weberman’s victim contends she was maimed again by her fellow Jews after she came forward. As Weberman, 54, prepares to be sentenced next week, one question remains:

Have things changed?

“On the one hand, advocates and victims feel empowered” by Weberman’s conviction, said Ben Hirsch, spokesman for Survivors for Justice, which supports sex-abuse victims.

But “the courageous victim in the Weberman case has been publicly vilified by the grand rabbi of Satmar, and thousands of Hasidim have publicly supported Weberman.” Hirsch accused Brooklyn District Attorney Charles Hynes of lacking the guts to fight Jewish leaders who intimidate victims.

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Miami Dolphins worry Marlins stand between them and a tax-funded redo for Sun Life Stadium

The Miami Dolphins are reviving their failed bid to win tax dollars for a football stadium. But team executives want no comparisons to a successful bid to win tax dollars for a baseball stadium.

Dolphins owner Stephen Ross has called a press conference for Monday to unveil a plan for an improved Sun Life Stadium. Sources say the plan will include asking state and local governments to help pay for a $400 million renovation of the 1987 facility.

State lawmakers in recent years rebuffed the Dolphins when the team asked for help on a less-expensive renovation. And while the economy and state finances are more favorable this time around, Dolphin executives see a bigger challenge now from lingering backlash against the $639 million ballpark taxpayers built for the Miami Marlins in order to move the baseball team from their old home in Sun Life. .

“It can’t be anything close to what the Marlins did,’’ said state Sen. Oscar Braynon, a Democrat whose Miami Gardens district includes Sun Life Stadium and who sponsored a 2011 bill to raise hotel taxes to fund the Dolphins renovation plan. “Unless you do something totally counter to what the Marlins did, nobody is going to vote for it.”

Both the Marlins and the Dolphins declined to comment for this story. The Dolphins have not released details of how they want to pay for the renovation, or what they want to do the stadium. But sources close to the team describe an extensive renovation of Sun Life, including adding a partial roof, a redesign of the seating configuration to improve views of the field, and shifting capacity from the low-priced seats in the upper deck to the more expensive seating closer to the sidelines. Without the space demands of a baseball field, the front row will move 18 feet closer to the field, according to a person briefed on the plans.

Polls showed Miami and Miami-Dade’s 2009 votes to build the baseball stadium with 75 percent public money were never popular. But the Marlins’ recent stripping of star players from their payroll has made the new Little Havana park Topic A when it comes to plotting a Dolphins’ victory for winning tax dollars themselves.

Dolphins executives plan to pursue two funding sources from state and local government, according to several people familiar with the team’s plans. For the first funding stream, the Dolphins plan to ask Miami-Dade to raise taxes charged mainland hotels from 6 percent to 7 percent and earmark the extra money for the stadium. The Dolphins also plan to ask Florida for an additional $2 million rebate on sales taxes on top of the $2 million the stadium already receives from the state each year under a special subsidy for professional sports teams.

Ross is expected to pledge a significant amount of the renovation money himself. Sources who have been briefed on the Dolphins’ proposal say the total pricetag for the project is $400 million. That’s almost double the renovation budget the Dolphins proposed when the team last went to the Legislature for money in 2011.

Staying competitive

At the time, the Dolphins unveiled a $225 million redo of Sun Life with expanded sideline seating, high-definition lighting and a partial roof that would both shade seats during hot games and shield spectators from the kind of downpour that drenched the stands during the 2007 Super Bowl in Miami Gardens. The Dolphins, top executives at the NFL and some community leaders have warned that without upgrades to Sun Life, South Florida risks losing its standing as one of the nation’s top venues for the Super Bowl and college football championships.

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