For anyone who still had a modicum of respect for the institution of corporations, guess what Goldman Sachs and Morgan Stanley are doing with the $10 billion of American taxpayer bail-out money. What else? They are giving out $12 billion in year-end bonuses, mostly to executives, of course, who have done a fine job taking them to the brink of bankruptcy. Oy.
Their reasons for the bonuses are further testament to the depth of their mental malady. According to them, the purpose of the bonuses is to retain "the talent". The same "talent" that nearly put the company under. The powers that be are so clueless that they don't know that if "the talent" leaves over being disgruntled over a lack of a bonus this year, that 1) they are spared the expense of a possible severance package should they need to cull the herd and 2) that this is an employer's market where they can re-hire better talent and for less compensation. Duh.
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