RSS
Home
$13 billion set aside for bonuses at Goldman Sachs & Morgan Stanley; bankrupt Lehman Bros. as well
Print
Email
RSS
Subscribe
Bonus time on Wall Street
Despite the current economic melt down, there are firms on Wall Street that are still planning to pay out sizeable year-end bonuses.
Their rationale for this is that many of the recipients earn around $125,000 a year in base pay, and that these “top performers” who receive millions in bonus money may otherwise leave the company if they did not get their annual reward.
By nature, or perhaps birth, I am an entrepreneur and a capitalist. With this declaration, I must admit that when I first heard of this, my gut reaction is where would these “top performers” go given the state of Wall Street. I would also be less than candid if I did not question how “American” these people are by accepting 100% of their bonuses versus deferring some of it to their unemployed colleagues and co-workers who are suffering badly right now.
Some may say that this smacks of socialism, to which I retort; isn’t that what TARP was in Version 1.0?
Make no mistake, I do believe in rewarding those who are generating the business, and in fact I do it in my own business. However, right now, given what we are dealing with, and facing both short and long term, it just does not feel right.
Am I wrong?
Related Articles:
Comments
.jpg)
