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2009-01-30 Home Front Economy

Wall Street Bonuses May Go Way of Dodo Amid Bailouts

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Posted by tipper 2009-01-30 07:39|| || Front Page|| [2 views ] Top

#1 Unless Rubin and others are required to return their bonuses or are punished in some way, Taleb said a regrettable system emerges where profits are privatized and losses are nationalized.

That just about sums it up. I'm all for bonuses, for everyone, from the janitor who swabs the toilets, to the CEO, when the company makes money.
Not when the US taxpayer is footing the bill. I hope they clawback every dime of bonus money. They still haven't gotten it through their heads on Wall Street, life as they know it is over.

Posted by bigjim-ky 2009-01-30 07:54|| 2009-01-30 07:54|| Front Page Top

#2 Executive Bonuses should be for execeptional performance.

IE they should be based on a group of metrics that are baselined on outperforming the competition.

Posted by Bright Pebbles the flatulent 2009-01-30 08:34|| 2009-01-30 08:34|| Front Page Top

#3 THE STIMULUS PACKAGE EXPLAINED:

This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using
the Q and A format:

Q. What is an Economic Stimulus Payment?
A. It is money that the federal government will send to taxpayers.

Q. Where will the government get this money?
A. From taxpayers.

Q. So the government is giving me back my own money?
A. Only a smidgen.

Q. What is the purpose of this payment?
A. The plan is that you will use the money to purchase a high-definition TV set, thus stimulating the economy.

Q. But isn't that stimulating the economy of China ?
A. Shut up.

Below is some helpful advice on how to best help the US economy by spending your stimulus check wisely:

If you spend that money at Wal-Mart, all the money will go to China.

If you spend it on gasoline it will go to the Arabs.

If you purchase a computer it will go to India.
If you purchase fruit and vegetables it will go to Mexico, Honduras, and Guatemala (unless you buy organic). If you buy a car it will go to Japan. If you purchase useless crap it will go to Taiwan.

And none of it will help the American economy.

We need to keep that money here in America. You can keep the money in America by spending it at yard sales, going to a baseball game, or spend it on prostitutes, beer and wine (domestic ONLY), or tattoos, since those are the only businesses still in the US.

Posted by Besoeker 2009-01-30 08:38|| 2009-01-30 08:38|| Front Page Top

#4 Since September 2008, keeping your friggin six digit jobs is the "Bonus" for the next 24 months if there is a turn around. If they're kept afloat with taxpayer money, all salaries should be capped at the SES/GS level.

Posted by Procopius2k 2009-01-30 08:46|| 2009-01-30 08:46|| Front Page Top

#5 #3 So buy SF books.

Posted by g(r)omgoru 2009-01-30 09:01|| 2009-01-30 09:01|| Front Page Top

#6 Didn't Congress get a raise this year for their bang up job performance? If I was them, I wouldn't scream too loud...

Posted by tu3031 2009-01-30 10:44|| 2009-01-30 10:44|| Front Page Top

#7 re:Congress. Well, given that we hold them responsible for a multi-trillion dollar international economy, a multi-billion dollar international security operation, multi-billion dollar health, safety and commerce regulation programs, and what ever multi-million dollar natural disaster relief effort we face nearly every year, it appears we're getting what we pay for in talent. You pay cheap, you get cheap. So, they hire themselves out to higher bidders who plow better wages into their reelection fund coffers. Some of this is a self inflicted wound we've engaged in by being cheap on what we'll pay for as well. What do you think it would take to attract good talent to run against these smucks cause for the 'good of the community' certainly hasn't worked?

Posted by Procopius2k 2009-01-30 11:55|| 2009-01-30 11:55|| Front Page Top

#8 What do you think it would take to attract good talent

It is becoming apparent "good talent" has taken a backseat to those who can provide a piece of the action.

Posted by Besoeker 2009-01-30 12:01|| 2009-01-30 12:01|| Front Page Top

#9 When I was working in the corporate (Engineering/Construction) world we calculated our bonus pool into every proposal as part of price which also included our burden, risk and profit. Some jobs out-performed others. Some lost money. The way of that particular world. But if the company did well then the bonus pool was a percentage of that performance and based on individual performance allocated that way. Wall St. bonuses and others in the financial industry are usually calculated as 1) part of a specific deal like an M&A or IPO, or 2) based on corporate performance, or 3) as part of earnings and multiples. Non-performance based bonuses or those sucked out of TARP are rewarding failure and need to be withdrawn. They set the wrong standard for any competitive company.

Posted by Jack is Back!">Jack is Back! 2009-01-30 13:02|| 2009-01-30 13:02|| Front Page Top

#10 "Wall Street Bonuses May Go Way of Dodo Amid Bailouts"

Not going to happen. The Democrats need their campaign contributions - a lot of which they get from New York. Besides, the New York metro real estate market needs propping.

Posted by Zhang Fei 2009-01-30 15:09|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2009-01-30 15:09|| Front Page Top

#11 Zhang's right. They bankroll the pols who cover their asses when needed. It's very self sufficent. Like "The Circle of Life". Or "Flys on Shit"...

Posted by tu3031 2009-01-30 15:23|| 2009-01-30 15:23|| Front Page Top

#12 Not only do they make big campaign contributions to Dems, the "greedy Wall Street Fat Cats" are themselves mostly Democrats. Living in NY, it's hard not to be.

Posted by Cynicism Inc 2009-01-30 16:35|| 2009-01-30 16:35|| Front Page Top

#13 So buy SF books.

Got tons Grom, whatcha lookin for?

Posted by Rednek Jim 2009-01-30 19:58|| 2009-01-30 19:58|| Front Page Top

#14 Sorry, forgot to add E-address. Jim

Posted by Rednek Jim">Rednek Jim 2009-01-30 20:02|| 2009-01-30 20:02|| Front Page Top

#15 Thanks Jim, I'll keep it in mind.

Posted by g(r)omgoru 2009-01-30 22:09|| 2009-01-30 22:09|| Front Page Top

#16 Ala FREEREPUBLIC, it appears that Wall Street Executives [troubled companies]have [pre-emptively]rediscovered eating at MCDONALD's, etc.

OTOH, WORLD MIL FORUM [paraph = GOOGLE Chinglish translation] > US STATE OF CALIFORNIA'S STATE BUDGET GAP/DEFICIT IS US$42.0BILYUHN, GOVERNATOR IS OVERWHELMED. State Controller JOHN CHI NGONG -California + USA is experiencing an UNPRECEDENTED FINANCIAL CRISIS - US BANKING INDUSTRY IS ALSO VERY UNSTABLE AT THIS TIME [ read, CA CANNOT BORROW = CANNOT BORROW AS MUCH AS CA STATE GOVT DESIRES]

Posted by JosephMendiola 2009-01-30 23:32|| 2009-01-30 23:32|| Front Page Top

#17 WORLD MIL FORUM > VARIOUS > IIUC JAPAN'S ELECTRICAL PRODUCTS, SERVICES INDUSTRY HAS COLLAPSED, NEC PREPARES TO LAYOFF UP TO 20,000 JAPANESE WORKERS. HITACHI, TOSHIBA, etc. MORE LAYOFFS, LOSSES EXPECTED.

HITACHI per se reportedly saw a NET COMPANY LOSS of 700.0TRILYUHN YEN???

Posted by JosephMendiola 2009-01-30 23:38|| 2009-01-30 23:38|| Front Page Top

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