Diamonds and Dogs
Wall Streets Dirty Little SecretWall Street's Dirty Little Secret
The Wall Street Journal recently reported that brokers from Merrill Lynch, Citigroup, and UBS were being offered substantial, sometimes in the millions of dollars, bonuses to stay at the firm they are currently with. So let me get this straight, the brokerages that are owned by banks, are able to access the government bailout package and pay their own brokers millions in bonuses so that they can stay where they are. Their customer accounts are on average down over 40% during the past 52 weeks. It seems to me that in order to "change" we have to begin by not rewarding bad behavior. Simultaneously, New York Attorney General Andrew Cuomo called Citigroup's plan to slash 50,000 jobs "sad and disturbing". Maybe it is time for a change after all.