Not being from NY but being one of those taxpayers whose money went into this bailout program, what do I care what happens in NYC? ============================= NY sends more dollars to the Fed than is returned to them. Perhaps your state is a recepient of ny tax dollars
I think it's funny this is mentioned. Now please explain to me why Morgan Stanley is paying out bonuses that are double its earnings. Here is a hint: Ever hear of the phrase "pillaging the coffers"?
http://www.bloomberg.com/apps/news?pid=20601109&sid=aX6xQJdexEEo&refer=home I love it how they don't even show a modicum of shame. Their sense of entitlement rivals that of some of Obama's most ardent supporters. Workouts for struggling homeowners, ohhhh no can't do that we would lose money, but its Ok to take hefty bonuses on the backs of the tax payer, and for what, for being the architects of massive wealth destruction and economic instability. Surreal!
You guys are nuts.. Bonuses are paid to keep top performers. If bonuses are not paid out you loose the top performers and bright minds... Now how much upside are you left with once the top earners have left your firm for a competitor or worse to start their business and taking many clients with them??? Half you ET clowns should get a job on Wall st. you will find the best of the best and work along side some of the brightest people in the world.
I think if they cut bonuses to 0 it might encourage the really smart ones to start their own businesses - which is what this economy needs. Bloomberg left Solomon and look what he was able to do! If they truly are bright, they can do the same and let the floundering leeches go belly-up.
Is your boyfriend an I-banker? Or are you sucking off an executive at your Wall Street firm in hopes of a promotion? Because I see no other reason why you continue to delude yourself that these "brightest" minds even deserve a job after this fiasco. They did their regular robbery stint and now it's time to go. Even giving some credelence to your idiotic thinking, please explain why should a firm pay bonuses that exceed its earnings by 100%? Why keep "talent" if it's such a huge cash & capital drain? Regardless, it's not hard to find "talent" that will send your firms into Bankruptcy begging for the federal government & taxpayers to come bail them out. Maybe that's because the only talent involved is how fast you can rob & leech off the system before the racket is up.
The problem is that many people seem to think that everyone working on Wall St. is handed a billion dollar portfolio to gamble away investorâs assets. Wall St. Employs many engineers, mathematicians, statisticians, physicist, and quants that build, develop and create many of the systems, algorithms, strategies and technology that rivals that of NASA and many major BIOMED firms today. Yet these smart and educated people are lumped into the finger blaming of what went on in our financial systems. Most of these companies collapse because they are run by CEOâs who have no idea what their traders are doing.. It only takes a very few at the top who make very risky business decisions to bring down an entire firm. Taking bonuses away from many of the employees today would accomplish absolutely nothing in fact it would possibly sink us further into recession. The economy will only recover when our financial system has fully recovered and the only way to truly do that is by retaining talented people to fix it, and you donât do that by taking away their bonuses.
But wallstyouth it was also the same rocket scientists that enabled wallstreet mbaers to get away with what they did. Create creative products based on souped up theories and mathematical formulas, and then you get quants who developed crazier schemes to take advantage of what they understood in the market. Even those all the products those scientists created, even they didnt understood what they were doing. Or if they did, they just went ehhh, if it all goes wrong, the government will bail us out. Nobody in wallstreet deserves a bonus, there lucky there not going to jail.