Broken Securities Industry Still Has $20 Billion to Pay Bonuses
October 27th, 2008Via: Bloomberg:
Five straight quarters of losses and a 70 percent slide in its stock this year haven’t stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses.
Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set aside about $13 billion for bonuses after three quarters, down 28 percent from a year ago. Even some employees at Lehman Brothers Holdings Inc., which declared the biggest bankruptcy in U.S. history last month, will get the same bonus they received a year ago.
The worst financial crisis since the Great Depression, a $700 billion taxpayer bailout, public outcry over excessive pay and the demise of three of the biggest securities firms won’t deter Wall Street from offering year-end rewards to employees on top of their salaries, compensation experts say.
“Critical producers and critical managers will be retained with the same bonus they had last year,” said Robert Sloan, head of U.S. financial-services recruiting at Egon Zehnder International, a New York-based executive-search firm. “The others will see sharp cuts.”
nobody gave a rat’s arse about wall st/city of london bonuses while the theoretical paper value of their own (sic) 100%-mortgaged mcmansion was going up 15% per annum. but now, those financial wizards suddenly appear to be grabbing unwarranted rewards…mmm…delicious irony x 1,000,000,000 ???
God bless ’em 😆
They’ll need every penny by the time what they’ve done hits(lick’s spoon).
STRAWBERRIES!
150 D’s a Jar!
What a crock of shit.
“Critical producers and critical managers will be retained with the same bonus they had last year,” said Robert Sloan, head of U.S. financial-services recruiting at Egon Zehnder International, a New York-based executive-search firm. “The others will see sharp cuts.
Who are the others seeing those razor blades?
The happy one who delivers Fed Ex packages? Or physical mail?
And yes @John Doh, I’ve got the strawberry plants, everbearing and June bearing. I don’t even think I would stoop so low as to take money for them in the future – but will barter with them.
The new red gold. YUMM.