Originally Posted By Mr X From a Morgan Stanley conference call... "So, decisions we have made. Number one, there will be a retention award. Please do not call it a bonus. It is not a bonus, it is a reward. And it recognizes the importance of keeping our team in place as we go through this integration." James Gorman Co-President, Morgan Stanley What the blank kind of blank blank is THAT? These guys really are dirtbags of the highest order!
Originally Posted By Mr X more... (same speaker, same call) "...some of you have been asking, will we be doing it, when will we be doing it, can we do it? We will be providing a retention award. Decision number two, the award will be based on '08 full year production. I think I can hear you clapping clapping from here in New York, but I'm not sure about it. You should be clapping because frankly that is a very generous and thoughtful decision."
Originally Posted By Mr X "...it was the right thing to do, to give you that certainty that it would be based off '08. '09 is a very difficult year, we understand that."
Originally Posted By gadzuux Let's remember that Morgan Stanley lost over $7 billion dollars in `08. Also - the Merrill Lynch "bonuses" amounting to over $3 billion dollars - with over $120 million being split between four people.
Originally Posted By Inspector 57 I'm not sure where you got the quotes from, X, but [assuming they're accurate] let's hope they get wide media attention.
Originally Posted By Mr X ***I'm not sure where you got the quotes from, X, but [assuming they're accurate] let's hope they get wide media attention.*** I got the quotes from a conference call, so unless it was an absolute fraud or my ears deceived me, it is accurate (I did the transcription myself). Anyway, it's up on Olbermann as well so you can listen for yourself, but I didn't bother with the link since I figured everyone would bitch cause it came from Olbermann. ;p
Originally Posted By vbdad55 <What the blank kind of blank blank is THAT? < corporate psycho babble -- goes on all the time in the meantime they're fire 1000 more admin assistants - financial analysts - etc to pay the bonus's to the high level hacks
Originally Posted By Kar2oonMan They are not bonuses! Stop saying that word, vbdad! It's a BAD word! They're REWARDS. You know, like they give bounty hunters.
Originally Posted By alexbook So, if they get bonuses when the stock goes up, can the company take the money back from them when the stock goes down? I think that would make life a lot more exciting around the ol' water cooler.
Originally Posted By SuperDry <<< So, if they get bonuses when the stock goes up, can the company take the money back from them when the stock goes down? >>> With unvested options, that's exactly how it works.
Originally Posted By inlandemporer This call reminds me of the Enron call where they were laughing about sticking it to the electricity customers. Same attitude, same arrogance. And they call it retention? Like any of these guys was in danger of voluntarily jumping ship in this crappy economy they caused?
Originally Posted By DouglasDubh <So, if they get bonuses when the stock goes up, can the company take the money back from them when the stock goes down?> It would sure be nice if we taxpayers could get back all the bonuses Freddie Mac and Fannie Mae paid Howard Raines, Jim Johnson, Jamie Gorelick, and other well connected Democrats while they ran those Government sponsored entities into bankruptcy.
Originally Posted By SingleParkPassholder Since when does two wrongs make a right, Doug? Pointing that out proves nothing.
Originally Posted By DouglasDubh <Since when does two wrongs make a right, Doug? Pointing that out proves nothing.> Who said it did? When did I say I was trying to prove anything?
