Hey Sucker, Can You Bailout Our Bonus Program?
"Once upon a time you dressed so fine. You threw the bums a dime in your prime, didn't you ?"
Morgan Stanley's stock market value has dropped $34.7 billion, to $21 billion. That's almost twice as much as its pretax earnings and yes...
the Treasury gave MS $10 billion of taxpayer money last week,
saving the bonus pool of $10.7 billion in accrued employee compensation expense this year.
"People'd call, say, "Beware doll, you're bound to fall"
You thought they were all kiddin' you."
Hank the Skanks former employer took advantage too... Goldman Sachs which also is getting a $10 billion infusion from Treasury.
YTD, Goldman has reported $11.4 billion of compensation expense, almost twice its $5.9 billion of pretax earnings.
During the same span, its market capitalization has fallen $41.7 billion, to $57.7 billion.
"Princess on the steeple and all the pretty people
They're drinkin', thinkin' that they got it made."
The Five Sisters... Goldman, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns.
From the start of their 2004 fiscal years through yesterday, the big standalone investment banks lost about $83 billion of stock-market value.
During the same period, they reported about $239 billion of employee-compensation expense.
So, for every dollar of shareholder value destroyed, the employees got paid almost three.
Don't forget Citigroup which is getting a $25 billion injection from Treasury, has reported $139.3 billion of compensation expense since the start of 2004,
more than double its $62.8 billion of pretax earnings. Its market cap, by comparison, has declined by about $168 billion, to $82 billion.
The Nattering One muses... Good work if you can get it, don't ya think? And while your scrounging for your next meal...
thank your whores on the hill, aka, Congress for the executive pay and bonus pool bailout, on the shareholder and taxpayers dime... like a rollin stone...
Hattip To Bloomberg's Jonathan Weil.
Morgan Stanley's stock market value has dropped $34.7 billion, to $21 billion. That's almost twice as much as its pretax earnings and yes...
the Treasury gave MS $10 billion of taxpayer money last week,
saving the bonus pool of $10.7 billion in accrued employee compensation expense this year.
"People'd call, say, "Beware doll, you're bound to fall"
You thought they were all kiddin' you."
Hank the Skanks former employer took advantage too... Goldman Sachs which also is getting a $10 billion infusion from Treasury.
YTD, Goldman has reported $11.4 billion of compensation expense, almost twice its $5.9 billion of pretax earnings.
During the same span, its market capitalization has fallen $41.7 billion, to $57.7 billion.
"Princess on the steeple and all the pretty people
They're drinkin', thinkin' that they got it made."
The Five Sisters... Goldman, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns.
From the start of their 2004 fiscal years through yesterday, the big standalone investment banks lost about $83 billion of stock-market value.
During the same period, they reported about $239 billion of employee-compensation expense.
So, for every dollar of shareholder value destroyed, the employees got paid almost three.
Don't forget Citigroup which is getting a $25 billion injection from Treasury, has reported $139.3 billion of compensation expense since the start of 2004,
more than double its $62.8 billion of pretax earnings. Its market cap, by comparison, has declined by about $168 billion, to $82 billion.
The Nattering One muses... Good work if you can get it, don't ya think? And while your scrounging for your next meal...
thank your whores on the hill, aka, Congress for the executive pay and bonus pool bailout, on the shareholder and taxpayers dime... like a rollin stone...
Hattip To Bloomberg's Jonathan Weil.
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