Thursday, November 13, 2008

Wall Street Won't Surrender on Bonuses

You can only say.... WOW!
clipped from www.bloomberg.com
Wall Street Won't Surrender on Bonuses, Veterans Say (Update1)

Oct. 30 (Bloomberg) -- Wall Street's chief executives will
hunker down and pay bonuses this year in the face of the worst
financial crisis since the Great Depression, a taxpayer bailout
and mounting political outcry, industry veterans say.

Odds that Wall Street will forgo the payouts are ``slim to
none,'' said John Gutfreund, 79, president of New York-based
Gutfreund & Co. and the former chief executive officer of Salomon
Brothers Inc. ``They're going to have to be a little bit
sensitive because politicians, whether they like it or not, are
part of their lives now.''

Year-end payments at the nine banks that received $125
billion from the U.S. Treasury are under investigation
Henry Waxman and New York Attorney General Andrew
Cuomo
, who are demanding details on the companies' compensation
plans.
Goldman Sachs Group Inc., Morgan
Stanley and Merrill Lynch & Co., have already set aside $20
billion to pay bonuses this year
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