Investing
Morgan Stanley (MS) And Citigroup (C) To Pay $3 Billion To Brokers? Not If Treasury Says "No"
Published:
Last Updated:
Wall St. keeps coming up with new ways to waste money and upset Congress, the Administration, and the public.
Part of the argument made by large financial firms for paying out big big bonuses is that their best people, the ones who make their companies all the money, will leave.
The latest chapter in this race to get money into the hands of bankers and brokers before the government shuts down the game is that the new joint venture between Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) will likely pay out $3 billion in retention bonuses
According toThe Wall Street Journal, “While the terms aren’t expected to be announced until later this month, the issue could grow politically sensitive, because the U.S. government holds stakes in Citigroup and Morgan Stanley as part of its bailout of the financial system”
Paying the retentions fees will never happen. Either Morgan Stanley and Citigroup figure that the they will not lose enough of their senior brokers to cost them the $3 billion, or the Treasury Secretary will call the company and say “no”, not with the government’s money”
It will probably be the call with the “no” at the end. Wall St. is too used to wasting money.
Douglas A. McIntyre
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.