The ULTIMATE verdict on the bailout - $70 billion in bonuses to financial workers

[endthewar]

http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

This is a MUST READ article. Some of the highlights:

"Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.

The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks. Shares in Citigroup and Goldman Sachs have declined by more than 45% since the start of the year. Merrill Lynch and Morgan Stanley have fallen by more than 60%. JP MorganChase fell 6.4% and Lehman Brothers has collapsed.

At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank."

[RUMMYisFROSTED]

1. Chimponomics.

k/r

[soothsayer]

2. Outrageous, but not unexpected. This is why I opposed the dumb bailout.

[angstlessk]

3. workers/staff...who are these people? the janitor? the telephone operators?

unless it is the above they should NOT be called workers/staff, but executives or traders....cause not one of the execs or traders have worked a FUCKIN DAY IN THEIR PUNY LIVES!