Ten Percent Of $700 Billion Bailout Could Go To Bonuses (GS)(C)(MS)

Banking, finance, and taxes

Published: October 18, 2008 9:26 pm

Last Updated: April 28, 2020 5:50 am

Cammonopoly_wideweb__430x3250 No matter how badly the economy is doing and what shareholders in American financial firms have lost, it would be a shame to see investment bankers go without their bonuses.

According to The London Observer, "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 bailout from the US government that has already prompted criticism."

The news for Morgan Stanley workers is even better.

"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."

Have a nice day

Douglas A. McIntyre

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