merrill bonuses
The Way The World Works: Merrill Lynch's bonuses
New York Attorney Gen'l Cuomo is the man right now trying to administer the most aggressive beatdowns of corporate high rollers, and first in his crosshairs is Merrill Lynch, which shamelessly paid $3,600,000,000 in bonuses for 2008 to reward its best and brightest for presiding over the company's 2008 $27,000,000,000 loss. But at least Merrill didn't give it all to the CEO and a few cronies; why, nearly 700 execs got bonuses of over $1M each. Cuomo said if the $3.6B had been spread equally among all Merrill workers, each would have gotten $91k. New York Times
New York Attorney Gen'l Cuomo is the man right now trying to administer the most aggressive beatdowns of corporate high rollers, and first in his crosshairs is Merrill Lynch, which shamelessly paid $3,600,000,000 in bonuses for 2008 to reward its best and brightest for presiding over the company's 2008 $27,000,000,000 loss. But at least Merrill didn't give it all to the CEO and a few cronies; why, nearly 700 execs got bonuses of over $1M each. Cuomo said if the $3.6B had been spread equally among all Merrill workers, each would have gotten $91k. New York Times
Comments
I agree, they should be taken to task. All that brain power and they could only loose $27B? Turn any woman loose in Nordstrom's and just stand back and learn.
Posted by Expat47 in Athens, Greece on 02/13/09 at 10:11 AM
I will NEVER understand giving loosing people bonuses???? My brain just does not wrap around it at all.
Posted by AGFH on 02/13/09 at 10:51 AM
Expat,
There is a fundamwntal flaw in your statement above. At least when a woman wipes out your savings by shopping, you then have assets that are worth something. These exects invested in highly overpriced assets that are now worthless.
There is a fundamwntal flaw in your statement above. At least when a woman wipes out your savings by shopping, you then have assets that are worth something. These exects invested in highly overpriced assets that are now worthless.
Posted by Matt in Florida on 02/13/09 at 10:57 AM
CEO's - Bonuses - Greedy bastards - makes me so angry my head wants to explode.
Posted by Skitt in SW USA on 02/13/09 at 11:47 AM
Our bonuses (I work for a medium/small company) are 75% earnings target, and 25% individual objectives. So if our company does not make the earning goal set out for us by the much bigger corporation who ownes us, we do not get 75% of our bonus. Top executives included. On top of that if you sucked at your job and didn't meet your personal objectives you get zilch.
It makes perfect sense to me, why does no one else do this?
It makes perfect sense to me, why does no one else do this?
Posted by Jules in Connecticut on 02/13/09 at 12:39 PM
Jules: That is what the husband's company does too. They earn a percentage of the profits so no profits equals no bonuses.
Posted by AGFH on 02/13/09 at 12:41 PM
Same for us. In fact, my employer has issued a statement that quarterly bonuses are suspended until the company starts making a profit again and the year end bonuses will be entirely performance based so some people will not get a penny.
Posted by Madd Maxx on 02/13/09 at 12:56 PM
Better quit commenting and get back to work then 😊
Posted by Jules in Connecticut on 02/13/09 at 12:58 PM
Nah! I like to gamble.
Posted by Madd Maxx on 02/13/09 at 01:03 PM
oh crap, if bonuses are going to be tied to profits I am screwed and that totally isn't fair. I work for a non-profit and I shouldn't be punished because of that.
Posted by Bill_ on 02/13/09 at 01:12 PM
Maxx, keep us up to date on whether the higher-ups in your business still get their quarterly bonuses.
Posted by kingmonkey in Athens, Ontario on 02/13/09 at 01:14 PM
I can only go by what they tell us and they tell us that no one will get quarterly bonuses.
The big pool for year end bonuses is 40% smaller than last year. I am curious as to how much of that the bigwigs get. I'll probably never know but I would love to find out.
The big pool for year end bonuses is 40% smaller than last year. I am curious as to how much of that the bigwigs get. I'll probably never know but I would love to find out.
Posted by Madd Maxx on 02/13/09 at 01:18 PM
go Cuomo! hopefully Obama will follow suit.
Posted by mrjazz on 02/13/09 at 08:40 PM
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