Economy bailout funds being used to pay wall street bonuses

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Sargeras
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Economy bailout funds being used to pay wall street bonuses

Post by Sargeras »

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Re: Economy bailout funds being used to pay wall street bonuses

Post by Tyek »

And next we are going to bail out the car companies...nice.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Spang »

I bet the porn industry will never need bailed out.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by masteen »

Nice. Little cherry on top for the most wasteful administration in American history. Let them eat cake, indeed.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Tyek »

actually Obama is pushing the auto maker bailout, or rather Nancy Pelosi.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Ashur »

from: http://www.abcnews.go.com/Business/Econ ... 878&page=2

Don't blame us!
Right Time for Bonuses?

Nearly everyone agrees that Wall Street has a PR problem.

With Wall Street experiencing its worst season since the Great Depression, and with the federal government stepping in to give money to financial institutions, many are asking whether this is the right time to be handing out any bonuses at all. Bonuses, after all, are supposed to reward good performance.

Nine banks at the center of the government plan to ease the financial crisis are under scrutiny: Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan Chase, Wells Fargo, Bank of America (including Merrill Lynch), State Street Corp. and Bank of New York Mellon.

Of the nine, JPMorgan Chase and Wells Fargo are considered to be strong banks. They are widely believed to have been forced into the plan, an apparent attempt by the Treasury to treat all major banks as equals.
BFT=Bolded For Truth
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Sabek »

Ashur wrote:from: http://www.abcnews.go.com/Business/Econ ... 878&page=2

Don't blame us!
Right Time for Bonuses?

Nearly everyone agrees that Wall Street has a PR problem.

With Wall Street experiencing its worst season since the Great Depression, and with the federal government stepping in to give money to financial institutions, many are asking whether this is the right time to be handing out any bonuses at all. Bonuses, after all, are supposed to reward good performance.

Nine banks at the center of the government plan to ease the financial crisis are under scrutiny: Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan Chase, Wells Fargo, Bank of America (including Merrill Lynch), State Street Corp. and Bank of New York Mellon.

Of the nine, JPMorgan Chase and Wells Fargo are considered to be strong banks. They are widely believed to have been forced into the plan, an apparent attempt by the Treasury to treat all major banks as equals.
BFT=Bolded For Truth
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Canelek »

I work for one of the worst offenders. Where the fuck is my bonus?
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Niffoni »

This is one of those Princess Bride moments where you just have to shake your head and assume that these people keep using the word "bonus", but it doesn't mean what they seem to think it means.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by miir »

Many of the people I work with have incomes that are based around their bonus.
These are guys that are literally making the bank millions of dollars.
Their base salary is shit... most of them have salaries lower than mine.

To them, a bonus is not a little something extra that they get at the end of the year...


If they suck, they are shitcanned and it costs the bank fuck all.
If they don't suck, they have to stick around to get paid.


If a company was to not pay out bonuses to these people at the end of the year, they would basically lose everyone... and once word got out the company wasn't paying out bonuses, nobody would want to work there.



It's basically like how salespeople get commisison.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Boogahz »

miir wrote:Many of the people I work with have incomes that are based around their bonus.
This is one thing I cannot stand. It is kind of the same where I work, although not as extreme as in the banking industry.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by masteen »

miir wrote:Many of the people I work with have incomes that are based around their bonus.
These are guys that are literally making the bank millions of dollars.
Their base salary is shit... most of them have salaries lower than mine.

To them, a bonus is not a little something extra that they get at the end of the year...

If they suck, they are shitcanned and it costs the bank fuck all.
If they don't suck, they have to stick around to get paid.

If a company was to not pay out bonuses to these people at the end of the year, they would basically lose everyone... and once word got out the company wasn't paying out bonuses, nobody would want to work there.

It's basically like how salespeople get commisison.
But, clearly, they WEREN'T good at their jobs, or their companies wouldn't be fucking tanking and in need of gubmint intervention. So fuck them.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Avestan »

miir wrote:Many of the people I work with have incomes that are based around their bonus.
These are guys that are literally making the bank millions of dollars.
Their base salary is shit... most of them have salaries lower than mine.

To them, a bonus is not a little something extra that they get at the end of the year...


If they suck, they are shitcanned and it costs the bank fuck all.
If they don't suck, they have to stick around to get paid.


If a company was to not pay out bonuses to these people at the end of the year, they would basically lose everyone... and once word got out the company wasn't paying out bonuses, nobody would want to work there.



It's basically like how salespeople get commisison.
When salespeople don't sell, they get no commission. They also usually get fired.

Execs should receive no bonuses. Line workers (analysts, etc) should receive reduced bonuses.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Ashur »

What about the banks that didn't suck? Do their employees eat shit and die because others in the industry fucked up, or are they allowed to follow their normal business model?
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Re: Economy bailout funds being used to pay wall street bonuses

Post by miir »

But, clearly, they WEREN'T good at their jobs, or their companies wouldn't be fucking tanking and in need of gubmint intervention. So fuck them.
Yes, every single person who worked for those companies did a horrible, horrible job and should not get paid. :roll:

When salespeople don't sell, they get no commission. They also usually get fired.
What if a salesperson did record numbers but the company was managed poorly and lost money... should they be denied their comissions?
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Zaelath »

miir wrote:
But, clearly, they WEREN'T good at their jobs, or their companies wouldn't be fucking tanking and in need of gubmint intervention. So fuck them.
Yes, every single person who worked for those companies did a horrible, horrible job and should not get paid. :roll:

When salespeople don't sell, they get no commission. They also usually get fired.
What if a salesperson did record numbers but the company was managed poorly and lost money... should they be denied their comissions?
In every case where there's not a government bailout? Yes.

If you choose to be a salesman for a retail outlet that tanks, you're not getting anything extra in your Christmas stocking from the federal government.

Sorry, but it doesn't matter how much these individuals deserve (which is also debateable) their salary/bonuses, job public shouldn't be paying them.
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Re: Economy bailout funds being used to pay wall street bonuses

Post by miir »

Zaelath wrote:If you choose to be a salesman for a retail outlet that tanks, you're not getting anything extra in your Christmas stocking from the federal government.

.
I'm totally not talking about retail customer service scrubs... I was talking about actual sales people whose pay is based on commission.




If a specific employee SUCKED then don't give em a fucking bonus.
If a specific employee brought the bank a shit-ton of business, they should be getting a bonus.

If these banks aren't paying any bonuses (i'm specifically not talking about executive and board), they may as well just close up shop.

Nobody will ever work for a bank that fucks their top performers.

Sorry, but it doesn't matter how much these individuals deserve (which is also debateable) their salary/bonuses, job public shouldn't be paying them
I'd be shocked if the bailout money goes anywhere near the budget for the past fiscal year. :roll:
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Re: Economy bailout funds being used to pay wall street bonuses

Post by Spang »

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Re: Economy bailout funds being used to pay wall street bonuses

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no more threads (appsrv h612)
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