Still, Merrill employees have reason to be grateful, since they'll
endure less of a cut than others on Wall Street, as other banks are
expected to slash bonuses by about 70%, according to Bloomberg.
With losses in the hundreds of billions and multiple bailouts on Wall
Street, politicians are still calling for Wall Street's banks to suspend
bonuses, but much of the furor seems to have died down as top
management at many banks steps forward to give up their bonuses. -
George White
See Bloomberg story
See Dealscape post on Wall Street bonuses
Comments
To no one's surprise, Merrill Lynch & Co. is making deep cuts in the size of its bonus pool, with the bank reducing the average size of the year-end check by roughly 50%.
It is appalling how shameless greed is the most prevalent trait exhibited by Wall Street Executives. It cannot be left to stand as the most notable example of American capitalism.
Elected officials do the right thing!