Wall Street Logic: You Spin Me Right Round Baby (Right Round!)

There is absolutely no way to reconcile these two facts from an article in today’s New York Times:

Merrill Lynch paid out bonuses of more than $1 million apiece to 696 people last year, according to Attorney General Andrew M. Cuomo of New York.

and

Merrill lost money all year long, largely because of its bad mortgage investments.

So the company lost money all year long, but thought it appropriate to reward almost 700 of its employees with an astounding amount of money. A million dollars! On top of their already hefty salaries. Or, as Dictionary.com says:

bonus: a sum of money granted or given to an employee, a returned soldier, etc., in addition to regular pay, usually in appreciation for work done, length of service, accumulated favors, etc.

Appreciation for work done? As in “Heckuva job, bankers!” ?

I know that the line generally given for paying certain positions an outrageous salary is that it is the only way to attract and retain the best of the best.

Oh. Ha ha ha ha ha ha ha ha ha ha!

If these guys are the best of the best, I am definitely keeping my money under the mattress from now on ….

bankers

(photo from AFP)
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3 comments

  1. i think it is criminal and something needs to be done about this excess, especially if they are coming hat in hand to the tax payers for a bailout.

    funny to hear all the republicans going on about how we cannot afford a stimulus package for the states and american people, only a few short months after they were throwing money around to big corporations like it was going out of style, with no strings attached. shows you where their allegiances lie!

  2. thismakes me sick. did you see the recorded conversation of the morgan stanley execs saying, don’t call it a bonus…

    it’s more than criminal.

  3. I am coming close to the point of inquiring if anyone out there would like to give money to my “orange jumpsuit” fund since I am about to go and naplam all this idiots. The problem is no one can donate because these guys already took the money.

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