The Shame of Wall Street

[AlfredJPruffock]

President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for Wall Street employees to be paid more than $18 billion in bonuses last year while their financial sector was crumbling.

"It is shameful," Obama said from the Oval Office. "And part of what we're going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility."

For some time I thought it was only myself who thought it was beyond outrage that the folks on Wall Street whom by their wreckless greed had detonated the Global economy still were awarding themselves huge bonuses - well said Obama I just hope you dont get shot for saying that.

[ace00]

2008 bonus would be paid on 2007 performance which as I recall was quite good. So the evil banker argument doesn't stand up to the briefest of logical scrutiny. But hey, I wouldn't want to stand out from the crowd so BURN THEM!!

[London75]

I think it's safe to say their bonuses from the last 5 years should be repayed as that's at least how long they've been building towards this disaster. Forget that 2007 was a good year, that sounds very Ponzi scheme-ish to me. "Great year this year lads, we might need to pay for it next year so take what you can now!"

[ace00]

I think it's safe to say their bonuses from the last 5 years should be repayed as that's at least how long they've been building towards this disaster..."

OK - what about the estate agents? Can we burn them too?

[London75]

You need to ask?

[ace00]

You need to ask?

Good point - I'll get the matches

[AlfredJPruffock]

The poor wee lambs of UBS - I think Bob geldoff should arrange a Charity Concert for the Distressed Bankers - BankAid .


UBS bankers face 80% bonus cut

By Haig Simonian in Zurich, Adrian Cox in London and Peter Thal Larsen in Davos

Published: January 29 2009 20:37 | Last updated: January 29 2009 20:37

UBS bankers were reeling on Thursday after the Swiss government said the bank would have to slash bonuses by more than 80 per cent after taking state assistance.

One banker said employees were “shocked” at the news that the compensation pool would probably be less than SFr2bn (€1.34bn) – a fraction of the award for 2007.

[lilelvis2000]

Well my 2007 was good but my 2008 started off bad so I haven't paid myself the profits from 2007....does that make me a goodie?

[Doggy Styles]

2008 bonus would be paid on 2007 performance which as I recall was quite good. So the evil banker argument doesn't stand up to the briefest of logical scrutiny.

Well it does really. What they were doing in 2007 (and for some years before that) was causing today's problem.

[Mich the Tester]

The poor wee lambs of UBS - I think Bob geldoff should arrange a Charity Concert for the Distressed Bankers - BankAid .


UBS bankers face 80% bonus cut

By Haig Simonian in Zurich, Adrian Cox in London and Peter Thal Larsen in Davos

Published: January 29 2009 20:37 | Last updated: January 29 2009 20:37

UBS bankers were reeling on Thursday after the Swiss government said the bank would have to slash bonuses by more than 80 per cent after taking state assistance.

One banker said employees were “shocked” at the news that the compensation pool would probably be less than SFr2bn (€1.34bn) – a fraction of the award for 2007.

That can be quite inconvenient when you’ve based your mortgage on your average yearly bonus, and I know a few bankers who’ve done that. Great example to set to the masses.