Boy, that sure was some crisis
Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package
Imagine if we had not had the bailout bill! The Wall Street types who shit the worldwide bed might have missed their outlandish compensation! One shudders to think.
But we’re safe now; at least until their bonuses come due next year, when we’ll have to have another emergency to make sure they get paid.
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From the referenced article in The Guardian:
“At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.”