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Last Year's Big Five Wall Street Bonuses - 39 Billion

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posted on Sep, 22 2008 @ 08:44 PM
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Last Year's Big Five Wall Street Bonuses - 39 Billion


blogs.abcnews.com

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.
(visit the link for the full news article)




posted on Sep, 22 2008 @ 08:44 PM
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Wow. Some very serious cash being tossed about. And now they seek handouts from the average taxpayer. Raw capitalism at its finest I guess. Should they be made to repay part or all of those bonuses?

brill

blogs.abcnews.com
(visit the link for the full news article)



posted on Sep, 22 2008 @ 09:02 PM
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how about all?

this global financial fraud has to stop.

when will ALL people see this is a TRUE conspiracy?



posted on Sep, 22 2008 @ 09:26 PM
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Hi All,

This article piqued my interest because I was wondering how a company can pay bonuses if they are loosing money at the same time?? Arent bonuses supposed to be a reward for increased revenues? Well, I guess in the "On Paper & In Theory" world this is true. I understand though, that this is not how most businesses operate. I found the original bloomberg article here:

Wall Street Plans $38 Billion Bonuses as Shareholders Lose

I found this tidbit interesting:



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.


So I started googling and here is what I found:


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.

Source--NY Times-- Dec 6 2001

The same pattern was evident with WorldCom, who also went bankrupt. (Although the courts were trying to get some of that money back)


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.

Source--- NY Times Jun 29 2002


Hmmmm...... So 558 executives wanted to abandon the ship? I wonder what they knew. I figure it was enough to warrant a "bonus" as incentive to stay. In the end they got to keep them majority of their bonuses, despite lawsuits of former employees to get some of that money returned to them.

And dont these individuals go on to become senior exec's at other businesses? I guess we shouldnt be surprised at all when the same scenario happens again and again. However this time there is a bigger game afoot. If I had to hazard a guess, (and put on my tin foil hat) I would say that we are being pushed into a whole new era in terms of business and finance. One that will no doubt be run by some familiar executive faces.



posted on Sep, 22 2008 @ 09:31 PM
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rise up and vote for Chuck Baldwin
Ron Paul just announced his endorsement for him

vote 3rd party at the very least
the republicrats want a fascist planet




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