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<H2 class=EC_CommonTitle>$50 billion of bailout going to employee bonuses</H2>
<DIV class=EC_postPostedDiv>Posted Oct 31 2008, 07:30 AM by Andrew Horowitz </DIV>
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<DIV class="EC_em EC_webRatingDiv"><SPAN id=EC_ctl00_bodyContent_ctl00_ctl01>Filed under: <A href="http://blogs.moneycentral.msn.com/topstocks/archive/tags/Merrill+Lynch/default.aspx" target=_blank rel=tag><U><FONT color=#0000ff>Merrill Lynch</FONT></U></A>, <A href="http://blogs.moneycentral.msn.com/topstocks/archive/tags/Morgan+Stanley/default.aspx" target=_blank rel=tag><U><FONT color=#0000ff>Morgan Stanley</FONT></U></A>, <A href="http://blogs.moneycentral.msn.com/topstocks/archive/tags/Goldman+Sachs/default.aspx" target=_blank rel=tag><U><FONT color=#0000ff>Goldman Sachs</FONT></U></A>, <A href="http://blogs.moneycentral.msn.com/topstocks/archive/tags/banking/default.aspx" target=_blank rel=tag><U><FONT color=#0000ff>banking</FONT></U></A>, <A href="http://blogs.moneycentral.msn.com/topstocks/archive/tags/Andrew+Horowitz/default.aspx" target=_blank rel=tag>Andrew Horowitz</A></SPAN><INPUT id=EC_ctl00_bodyContent_ctl00_ctl01_State type=hidden value=value:Filed%20under%3A%20%3CA%20href%3D%22%2Ftopstocks%2Farchive%2Ftags%2FMerrill%2BLynch%2Fdefault.aspx%22%20rel%3Dtag%3EMerrill%20Lynch%3C%2FA%3E%2C%20%3CA%20href%3D%22%2Ftopstocks%2Farchive%2Ftags%2FMorgan%2BStanley%2Fdefault.aspx%22%20rel%3Dtag%3EMorgan%20Stanley%3C%2FA%3E%2C%20%3CA%20href%3D%22%2Ftopstocks%2Farchive%2Ftags%2FGoldman%2BSachs%2Fdefault.aspx%22%20rel%3Dtag%3EGoldman%20Sachs%3C%2FA%3E%2C%20%3CA%20href%3D%22%2Ftopstocks%2Farchive%2Ftags%2Fbanking%2Fdefault.aspx%22%20rel%3Dtag%3Ebanking%3C%2FA%3E%2C%20%3CA%20href%3D%22%2Ftopstocks%2Farchive%2Ftags%2FAndrew%2BHorowitz%2Fdefault.aspx%22%20rel%3Dtag%3EAndrew%20Horowitz%3C%2FA%3E></DIV></DIV>
<P style="CLEAR: both"><IMG style="FLOAT: left" src="http://moneycentral.msn.com/content/data/images/120/Horowitz_120x131.jpg">As if the economic bailout by U.S. taxpayers isn't enough to make you sick to your stomach, new information has come to light that several banks are planning to pay billions of dollars in year-end bonuses from the bailout funds they received. Investigations are beginning into the nine banks that took in the first $125 billion -- the same $125 billion that was supposed to be used to unclog the credit system which was preventing banks from providing much needed funds for individuals and businesses.</P>There are many feathers in a ruffle over this and 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 <A href="http://moneycentral.msn.com/detail/stock_quote?Symbol=gs" target=_blank><B><U><FONT color=#0000ff>Goldman Sachs</FONT></U></B></A>, <A href="http://moneycentral.msn.com/detail/stock_quote?Symbol=ms" target=_blank><B><U><FONT color=#0000ff>Morgan Stanley</FONT></U></B></A> and <A href="http://moneycentral.msn.com/detail/stock_quote?Symbol=mer" target=_blank><B><U><FONT color=#0000ff>Merrill Lynch</FONT></U></B></A>. There are six more banks that are also working on similar heists.<BR>Here is their rationale for using that money: It is reported that the financial industry pays base salaries in the range of $80,000 to $600,000 and apparently that is simply not enough to keep some of the best and brightest working to keep their companies profitable. It seems that if they were paid only this <I>meager</I> amount, the company would risk mass defections. That would be a real problem...or would it?<BR>Maybe it is time to peg annual bonuses to something meaningful like profitability. As I recall, not only are these the firms that have been losing money (as is evident by the need for a massive multi-billion dollar bailout) but they have also been shown to be the creators of securitization, derivatives, sub-prime mortgages and other toxic credit that is the root cause of this historic global economic catastrophe! <BR>Maybe I am being too harsh? Perhaps management is entitled to hundreds of millions in bonuses for the hard work they do, day in and day out. You have to feel sorry for them as most have had to give up their private jets and instead fly in a cramped seat in first class. Surely most will now have to wonder how they will deal with the excess workload as they have had to fire thousands of employees. Also, they will need to use a good chunk of that money to rebuild their retirement plans as much of their wealth was tied up in their company's stock which, under their leadership, could be down more than 60% just this year alone. <BR>What do you think?<BR><B>Related Reading:</B><BR><A title="TDI Podcast" href="http://www.thedisciplinedinvestor.com/blog/2008/10/23/tdi-episode-80-predicting-sp500-crash/" target=_blank><FONT color=#0000ff><U>Listen: TDI Podcast - Predicting another 40% down </U></FONT></A><BR><A title="Waxman Requests" href="http://oversight.house.gov/story.asp?ID=2265" target=_blank><FONT color=#0000ff><U>Henry Waxman Requests for Bonus information</U></FONT></A><BR><A href="http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking" target=_blank><FONT color=#0000ff><U>Wall Street banks in $70bln staff payout </U></FONT></A><BR><A title=Dealbook href="http://dealbook.blogs.nytimes.com/2008/10/14/banks-face-pay-curbs-but-effects-are-unclear/" target=_blank><FONT color=#0000ff><U>Will Banks really need to curb CEO Pay?</U></FONT></A><BR><A href="http://www.thedisciplinedinvestor.com/blog/2008/10/30/500-billion-of-401k-wealth-is-destroyed/" target=_blank><U><FONT color=#0000ff>$500 billion of 401k wealth is destroyed</FONT></U></A><BR><I>Andrew Horowitz is a money manager and the founder of <A href="http://www.horowitzandcompany.com/" target=_blank><U><FONT color=#0000ff>Horowitz & Company</FONT></U></A>. He is also the author of the bestselling book, <I><A href="http://www.amazon.com/exec/obidos/ASIN/0978708377/msnblogs-20" target=_blank><U><FONT color=#0000ff>The Disciplined Investor</FONT></U></A> . </I>Check out his latest investment idea or listen in as he hosts, <A href="http://www.thedisciplinedinvestor.com/" target=_blank><U><FONT color=#0000ff>The Disciplined Investor Podcast.</FONT></U></A></I><BR>
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<DIV id=EC_comments><SPAN class=EC_SubHeadline><IMG src="http://blogs.moneycentral.msn.com/Themes/Blogs/TopStocks/images/Cloud.gif"> Comments</SPAN> <BR>
<DIV class=comment>Seems to me if I were to benefit from say $150,000 bonus, I'd pay off my mortgage and my bills and be debt free. Why doesn't the govenment give that 700 billion to the people to pay off their mortgatges (mortgage problem solved) and if you divide that between the 3 million in the country?? Even if you tax it there would still be enough to bail out the people in foreclosure and even those who aren't but may be soon. Viola! no toxic mortgages and people would be able to spend which would restore confidence. Then if the govenment would regulate the credit card companies and those golden parachute salaries ...... <BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Mesha </STRONG>(Posted 10.31.08 11:50 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl01_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>This is why Paulson and Bernanke...and B. Frank...did not want any oversight or scrutinity of the plan...it was just a big fat payoff the their buddies on Wall Street...our Gov't and Wall Street are just crooks bankrupting this country. <BR>Don't believe it? What if you stole millions from investors, pension funds, taxpayers...where would you be? To date, ZERO regulators...ZERO lawmakers...ZERO execs in jail. They just turned this into a Socialist country and left with our money and are laughing all the way to Switerland! <BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Matt T </STRONG>(Posted 10.31.08 11:50 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl02_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>The thing they should have done to these guys was to freeze their personal assets and repay the systems they bilked. They bilked their customers in bad deals, they bilked their own companies by taking money they never really EARNED (you know like with a real job). Now for the knockout punch, after we are forced to pay for their mistakes as taxpayers, after paying for their mistakes as customers, they get BONUSES!!!!!!!!! Where can we all sign up for jobs like that. If I lost money even at the rate 250.00 per month I would be looking for another job. What makes these people feel that they are so much better and more important than the people they make their living off the backs of???? <BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Shane Burrows </STRONG>(Posted 10.31.08 11:50 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl03_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>I managed a small retail business. I had a base salary and received a year end bonus based on company profit. Guess what? If we weren't profitable...no bonus.<BR>A third grader could figure that one out. One again our government, who can't balance their own check books, are giving financial carte blanche to a bunch of criminals. Ted Stevens must be running that show. I am beyond disgusted.<BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Scott </STRONG>(Posted 10.31.08 11:51 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl04_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>I'll pray for them.. the bible says it's easier for a camel to go through the eye of a needle than for a rich man to go to heaven...<BR>you better get on your knees<BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Debbie </STRONG>(Posted 10.31.08 11:52 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl05_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>I am sure that each one of you commenting has the ability to do perform their job responsibilities - if so perhaps you should apply for the job at a reduced salary. <BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>NoBoma </STRONG>(Posted 10.31.08 11:52 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl06_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>Pardon my french, but this is ABSOLUTELY ABSURD. It's time for another tea party, but this time in DC. When does it stop ? The rich stay rich after 'gambling' away their fortunes - It's like 'WHERE'S MINE' ? Do you think this makes our economy stronger ? No, it makes the lawmakers look like BLITHERING IDIOTS giving a multi-billion dollar early X-mas gift to all their Wall Street pals. Enough is enough - Let's see if Nov. 4th changes things. Not likely. That's all !<BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Fed Up With the Feds </STRONG>(Posted 10.31.08 11:52 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl07_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>I can't believe that our so call government is giving money to help solve this that was cause by greedy CEO's and the Board of directors let them get away with. That's not fair, there need to be control/limits on these CEO's, now we are paying for there stupid mistake<BR>Mike<BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Mike </STRONG>(Posted 10.31.08 11:53 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl08_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>Bonuses are used as rewards for excellent performance and as a means to retain top talent from defecting to competitors. That model is dead in the banking industry, as I don't think their is any worry about an executive from Goldman jumping ship to go to merrill because he could make more bonus money. The market has corrected, adn this the financial industry incomes will be corrected as well. <BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>Matt </STRONG>(Posted 10.31.08 11:53 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl09_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
<DIV class=comment>I remember not to long ago, Obama had reservations about this bailout and said we really needed to know how this was going to be used...he caught a lot of flack for it and then decided to go ahead and endorse the bailout because of the constant criticising and that something needed to be done, McCain was all for it no questions....wmmmmm, guess everyone is scratching their heads now and saying maybe Obama and others who were not sure about this had a point......<BR>My husband does not get a bonus unless he earns it through helping the company he works make gains....why should it be any different with large ones like these...This is like rewarding a child for bad behavior....shame on these companies!<BR><BR><BR></DIV>
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<P style="WIDTH: 430px"><SPAN class=EC_comment-footer-left-span><STRONG>kmorgan </STRONG>(Posted 10.31.08 11:53 AM) </SPAN><SPAN class=EC_comment-footer-right-span><A class=EC_FlagAsInappropriate id=EC_ctl00_bodyContent_PlaceHolder1_ctl01_PostCommentList_ctl10_ReportWeblogPostForm1_ctl00_ReportComment target=_blank><U><FONT color=#0000ff>Report Abuse</FONT></U></A> </SPAN></P></DIV></DIV>
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