I’m sure others will have seen this from Andrew Horowitz, given it was published a century 4 days ago but it is worth the repeating. Apparently around $20 billion of the first tranche of $125 billion hand out to US banks is earmarked for exec bonuses:
New York Attorney General Andrew Cuomo and several congressmen are furious that over $20 billion has already been earmarked as bonus funds for management and employees. Unbelievably, that is just the estimates from Goldman Sachs, Morgan Stanley and Merrill Lynch. There are six more banks that are also working on similar heists.
What was that I have been saying about dealing with corruption in the US and the need for change? Didn’t the US government think for one moment that such hand outs should be absolutely conditional on execs in these failed organizations NOT getting their paws on some of the booty? It should be no surprise that the original post garnered some 273 PAGES of comments, 100% of which were negative on the news (on my quick scan through)
I wonder what might happen in the UK. After all, the annual City pig troughing bonus season is almost upon us.
