10% of $700 billion bailout to cover Wall Street banker pay and bonuses
New links (since the three in this blog all went 404 in just ten days.
Two of the following links are 404. Some news likes to disappear.)
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.
That's one of the most intriguing factoids I've ever read. Club together and buy the bank? Who's job is it to prevent things like that from becoming like that in the first place? Obviously there were tons of people who realized that was the case all along... Is that legal? If so, then wow! That's a doozy.
Interesting how they let Lehman fail but back Goldman Sachs. Weekend at Bernankes.
Lloyd Blankfein, whose $70.3 million paycheck made him Wall Street's most highly compensated chief executive officer last year, could still earn tens of millions annually under the bank-rescue plan run by his former boss, Treasury Secretary Henry Paulson.
Even more info
Ding dang doo!