The Ultra-rich who run America's failing financial institutions are once again sticking their hands in the lucrative cookie jar. The firms, Morgan Stanley and Citigroup's Smith Barney which are soon merging following the huge losses on their balance sheets, are planning to distribute to their top managers, "retention awards". Never heard of this? Well it would be called a bonus in English, but in the corporate double speak of the board room it's considered an award to keep top employees at the companies.
Now considering how many people including "top financial experts" are out of work, retention would seem to be something that would be of little concern. The award would be keeping your 7 or 8 figure a year job!
In a recorded conference call obtained by Huffington Post one senior executive described the "very generous" awards and then urged all the listeners "Please do not call it a bonus." The quote was from James Gorman, co-president of Morgan Stanley.
"It is not a bonus. It is an award. And it recognizes the importance of keeping our team in place as we go through this integration."
I have to wonder if I were someone like a board member who actually had the interests of the company in mind, would I want the same bad management who got us into hot water to stay in place? Hell no! But I am not a Wall Street boys club member.
You and I gave this firm $60 billion to save its collective butt, and now they are handing out jumbo party favors in the tune of MILLIONS to the bad management who drove the company into near failure?
Excuse my righteous anger, but the hell you say!
This is being done just in advance of any kind of salary cap imposed by the government on these bums and so , now, they are taking a big grab from the cookie jar before pretending to suffer the same economic deprivation as the rest of us.
Listen to the audio on Huffington Post and don't slug your computer!
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