Thursday, January 01, 2009


A bit of tone-deafness from an anonymous source for a New York Times article about curtailed bonuses in the financial industry:

In a conference call on Dec. 19, Tim Sloan, a Wells Fargo executive who will head the global markets and investment banking unit, told a group of Wachovia bankers that they would not receive big bonuses. Instead, their allocated bonus money will be returned to shareholders.

He also said there would be no retention packages....

But some employees complained that the rules were being changed late in the game. One employee who identified himself as a third-year vice president said the bank's decision was putting its employees in "financial extremis" and, in some cases, at risk of not making their mortgage payments.

What?! Rendered unable to make mortgage payments? It would be unthinkable for a bank to do that to someone!

(Oh, and if you're wondering what the bankers' mortgages in question look like, go here.)

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