Even those executives who share responsibility for destroying their own companies can expect lucrative rewards this year.
The now bankrupt Lehman Brothers, having recorded an official net income loss of more than $2 billion for 2008, will still pay out annual bonuses of about $2.5 billion. Merrill Lynch, which has since been sold off to the Bank of America, having recorded a net income loss of nearly $12 billion in 2008, will pay employees more than $6 billion in bonuses. According to the Journal, the firm earned just $3.05 billion from 2002 through to the third quarter 2008, but paid out $52.4 billion in bonuses over the same period. This report follows the earlier revelation that nearly one-third of the $125 billion in public money to the nine largest US banks will be handed over to company executives as private compensation and pensions amassed up to the end of 2007. As the braindead persist in blaming socialism for the economic downturn --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
