It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
As the Bush Administration asks for close to a trillion dollars to prevent a worldwide financial cataclysm, here are some numbers you might find interesting -- courtesy of the ABC News Research Center and ABC News' Barbara Paulson.
In 2007, Wall Street's five biggest firms -- Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley -- paid a record $39 billion in bonuses to themselves.
The last time bonuses declined was 2002 when the Standard & Poor's 500 Index fell 23 percent, and Enron Corp. and WorldCom Inc. went bankrupt.
Just days before Enron filed for bankruptcy and laid off 4,000 people, it paid out $55 million in bonuses to about 500 employees, according to several people who had dealings with the company.
Yesterday evening, an Enron spokesman confirmed the bonuses, describing them as ''retention incentives'' for crucial employees. Bankruptcy experts said that the payments were almost certain to be closely scrutinized -- and probably challenged -- by Enron's creditors.
The management challenge is heightened by the looming expiration of a retention program that paid 558 top executives roughly $237 million in bonuses two years ago -- an average of nearly $425,000 -- to keep them from leaving the company during a period that will end on July 30. Some of the executives received bonuses of well over $1 million that are supposed to be returned if they leave before then. But once the deadline has passed, executive recruiters say that all bets are off.