this is a joke i hope....let them walk away. and it's more like whining wal mart has too much inventory after taking money from tax payer pockets...Imagine that...they'd be some pissed of mo-fo's out there....
I don't agree, this was true when the WS guys had somewhere to go with the hedge fund/private equity industry flourishing but now everyone in finance is looking for a job so the bonus retention arguement doesn't wash for 99% of employees as they have nowhere else to go. These stories are really starting to piss me off, they made their money in the good times now they need to at the very least suffer with just a salary given that they were part of the industry that cost so many so much, its more than a lot of people in the US have to look forward to this Holiday season.
Except that Walmart spends its own money on inventory, while Goldman uses tax payer money for bonuses. Big difference. Ha, ha, I now see Daal is getting a lot of attention
True. GS business is financial services. In all services industry talented people make or kill a company. They are the best investment bank in the world, so they deserve their bonuses. A much different story would be compensating Freddie Mac, Fannie Mae, Lehman or Bear Stearns executives. They led their companies into bankruptcy.
the principles of the market mechanism weren't suspended. if GS MS and everybody else thought they could cut down costs and increase their profits they would do it, ceos are known to do just that. Matter of fact they are laying off people left and right yet people quote a numerical 'bonuses' as evidence they are greedy bastards abusing tax money. where are the comparions of y-o-y bonus payments and evidence its at the 'wrong' level, how is a wall street firm supposed to function without human capital. It can't Some people ripped corporate CEOs because of downsizing and now they rip corporate CEOs because lack of downsizing and corporate money going to the working man. The only reason the average wall street employee is not considered the 'working man' is because of people's jealousy over sucess and the rich. period.
I'll say it again. There should be a group started that refuses to pay taxes as a matter of civil disobedience. In the manner of the civil rights movement.
daal, you have been drinking that kool-aid for far too long. GS, Merrill, MS are restructuring their bonus stem to account for the losses these businesses incurred. They have set up system of heads I win tails you lose. notng associated with this federal bailout should be factored into the compensation mix. This money and any revenues generate by it, whether they be profits or cost avoidances, have nothing to do with teh perfrmance of these employees and therefore no credit should be given for it. BTW...the only reason the Wall Street employee is not conside the 'working man' is because they aren't. They are one step below a used car salesman in the food chain when it coms to integrity and ethics. The scanadals of this decade alone prove that. How much in bonuses came from each of those scandals against the interests of real 'working man'? Now run off and hide your money before you get laid off. I hear UBS has a system in place if you are interested.
I agree - this is a total joke and must be offensive to all global investors who undoubtedly now look down even more on the financial system. Anyone consider that the rats on the ship want a life boat or they might go public about anything that has gone down there if they don't get their bonus? A certain individual used to be CEO, I'm sure he'll smooth things over... too bad he won't make it past tuesday.