Wall Street banks in $70bn staff payout

Originally posted by marg6043
reply to post by C.C.Benjamin

 

By the time this nation wake up from their self induced slumber the big fat rats will be already gone with the booty and we the American people will be left with nothing but hardship and a nation in ruins.

They're already scurrying away like thieves in the night . . . they've learned from these folks . . .

Lehman Brothers CEO Richard S. Fuld Jr
Bear Stearns CEO James Cayne
UnitedHealth Group's William McGuire
Exxon Mobile Lee Raymond
Home Depot chief Robert Nardelli
Hank McKinnell of Pfizer
Dick Grasso, CEO of the New York Stock Exchange
AT&T's CEO Ed Whitacre
Michael Ovitz of Disney fame
Dell Computer guru Kevin Rollins
Hewlett Packard CEO Carly Fiorina

If you've had your breakfast and want to launch it pretty quickly, check out this . . .

Little piggies at the trough . . .



[edit on 21-10-2008 by GoalPoster]

Finally we're starting to get some US MSM coverage of this.

Bloomberg

Morgan Stanley has accrued $10.7 billion of employee- compensation expense this year, almost twice as much as its pretax earnings. The vast majority of this remuneration hasn't been paid yet. Now it probably will be, assuming the firm survives through next month. Meantime, Morgan Stanley's stock- market value has dropped $34.7 billion, to $21 billion, since the company's fiscal year began.

The rescue of Morgan Stanley's bonus pool is an unpleasant downside of Treasury Secretary Hank Paulson's decision to inject $250 billion of cash into U.S. banks in exchange for preferred stock. It is one thing for a company to pay much more to employees than it earns for its shareholders. It's quite another to keep doing it while receiving taxpayer bailout bucks.