The Bottom Line
Shareholders in securities firms have lost $74 billion worth of equity this year, but the top five firms are still paying out almost $38 billion in bonuses.
Shareholders in securities firms have lost $74 billion worth of equity this year, but the top five firms are still paying out almost $38 billion in bonuses. Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brother, and Bear Stearns will pay about 168,000 employees an average bonus of $201,500. Bear Stearns and Merrill Lynch actually lost money this year, but if they “plead poverty, they’re going to lose all of their good people,” says Manhattan College professor Charles Geisst. (Bloomberg)
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
MOST POPULAR ON THE WEEK
- What the Middle Ages can tell us about the GOP's big charity myth
- 43 TV shows to watch in 2014
- 10 things you need to know today: October 24, 2014
- 3 horrific inaccuracies in Homeland's depiction of Islamabad
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- The U.S. is about to sell weapons to Vietnam. That's bad news for China.
- 10 self-sabotaging interview mistakes to avoid
- Let us now praise Billy Joel
- America's anti-feminist mega-corporations' toxic disregard for women must stop
- Why the government should pay every American child an allowance
Subscribe to the Week