Scorched Earth Comp Plans

Sorry to keep posting on Wall Street, but this stuff is just crazy…

In 2007, Wall Street’s five biggest firms — Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley — paid a record $39 billion in bonuses to themselves.

That’s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.

Those 2007 bonuses were paid, even though the shareholders in those firms last year collectively lost about $74 billion in stock declines — their worst year since 2002.

(ABC News)

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