Wednesday, February 11, 2009
It's a very Wall Street Christmas Story
Wall Street’s reaction to the complaints about handing out bonuses to their top execs immediately after receiving billions in a government bailout was to do something vastly different, hand out awards. As James Gorman, co-president of Morgan Stanley states in a conference call between Morgan Stanley and Smith Barney "There will be a retention award. Please do not call it a bonus. It is not a bonus. It is an award.”
In the words of Ralphie’s Old Man “It’s an award. A major award.” I hope they enjoy their leg lamps.