http://news.yahoo.com/s/ap/20090131/ap_on_bi_ge/banks_bonuses_5
The banking industry’s sense of entitlement makes my head explode. For proof of how wrapped up in their own little orbits they are, read the following:
While Wall Street investment banks and other financial firms make headlines for the millions paid out to certain executives, more modest bonuses go to workers from human resources representatives to secretaries as well as employees who actually made money for their companies last year.
Jason Weisberg, vice president of the Wall Street brokerage Seaport Securities, said bank employees count on performance bonuses like salesmen count on commissions.
“What are you supposed to pay them?” Weisberg asked. “Or are you not supposed to pay them? And if you don’t pay them, how do you expect that employee to stay employed at that company?”
First, does anyone really believe that the majority of these tax dollars are being given to the administrative staff? They’re traditionally some of the lowest paid workers in any company – why the sudden burst of generosity?
Secondly, it isn’t a case of “not paying them”, as Weisberg says – these are bonuses to their salaries. If you’re paying people fairly, the BONUS (definition for banking types here) is a nice addition.
Lastly, in times of belt-tightening, the idea that employees so disgruntled by the lack of EXTRA MONEY will spitefully flounce off to find another job is, to put it gently, completely ridiculous. Partially because – due to recent mass-layoffs – there are an extra coupla thousand people competing for these lower-level jobs, but mostly because ALL THE COMPETITION IS IN THE SAME BOAT. The lack of logic at play here illustrates quite seriously why we’re in this mess: In a leaky boat, they’re holding out for a fancier bucket.
What colour is the sky in these bankers’ world? Various shades of green.
**BUMPITY BUMP**
Frannyy insists I’ve spelled “bankers” wrong in leaving out the “w”.