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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

Wall Streets Dirty Little Secret

Wall 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.

Leigh
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.