Thursday, January 21, 2010

These guys get it

You know to some, the fact that a company like Morgan Stanley would hand out $14.4 billion dollars in bonuses (62 cents of every dollar of revenue they earned) to their employees during what they describe as "a lean year" is yet another sign that the financial wizards on Wall Street just don't get it.

All that means is you haven't heard about Morgan Stanley CEO Jimmy "Common Man" Gorman
Still, in a gesture to the public mood, Morgan Stanley’s new chief executive, James P. Gorman, said Wednesday that his entire bonus would be paid in the form of deferred stock, with no cash at all.
See? That's exactly what we wanted. We didn't want you to take no bonuses in return for shitting the world economy and building your businesses back up off the backs of free taxpayer money and government loans and guarantees that have artificially inflated your bottom lines and allowed you to show a "profit". No, we just wanted you to award bonuses in a form that was deferred and dished out in a manner that, because of government guarantees, made it certain that you would actually get a bigger bonus than what you had claimed you were getting.

Thanks for finally getting it, Morgan Stanley.

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