Merrill Lynch: Pay it back, baby?
President Barack Obama called it "shameful." Senator Christopher Dodd says he knows what we're all thinking: "this infuriates the American people, and rightly so." He follows that statement up with a demand (well, sorta): he'll use "every possible legal means" to get the Wall Street bonuses back; especially those $4 billion paid out by Merrill Lynch CEO John Thain, shortly before handing the reins over to Bank of America.I have to confess I am torn. While I am a bit outraged at having my tax money used for bonuses (I'm far more outraged at other things, like using my tax money to produce high fructose corn syrup, but that's an entirely separate rant), I'm also sympathetic with the bankers. Wait! Before you throw up all over your computer monitor, imagine being in their shoes: they work insane hours and are frequently subjected to scandalous treatment all year, giving up life, family and sanity at the service of the almighty deal.
When I worked at Merrill Lynch, a friend in the M&A department spent her Sunday nights consoling the analysts, who she'd find crying at the copy machine, wishing they could go see their recently widowed mother in Brooklyn, afraid they'd lose their jobs if they did. I am not kidding. One classmate was given a tongue-lashing for trying to spend Fourth of July with his dying dad. It may seem obscene to you, the money these people make, but the bonuses are sacred, considered the compensation for laying your life down to the Gods of Finance.
That Thain would put his career on the line to pay out bonuses to the faithful is, while unwise, also an entirely selfless act, a kind of fist-pump to his long-suffering crew. I do not believe in that lifestyle any more. But for those who do; for those who serve the few at the expense of the many; the greatest cost is suffered in solitude, with their families and sanity. I do not want their money back. I would, however, like to keep my soul, so I'll not weep for my life as an investment banker. Godspeed, Merrill Lynch, and next time, try just treating your employees well and paying them fairly and we can skip the presidential beration.
Reader Comments (Page 1 of 2)
1-30-2009 @ 8:34PM
DanGarion said...
They only work those hours because they choose to. The don't deserve bonus for the crap ass job they did running their businesses into the ground by giving out bad loans.
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2-01-2009 @ 3:15AM
Stephani said...
They should give it back!!! I do not care how much they worked. They were very well paid. And for doing a shit job this year. I don't care who's fault it was or was not, the company failed, no one deserves any kind of bonus, particularly if anyone thinks the lowest paid guy at GM is supposed to get a pay cut in order for the bail out to go through. Every one has to make concessions in tough times. GIVE IT BACK or give up the job.
3-04-2009 @ 5:45PM
Patrick said...
... And they absolutely do not suffer in a corner crying -- are you kidding me! As a sommelier in the city, I can absolutely attest to the fact that they are spending those bonusses at large tables in over-the-top-expensive restaurants, making total asses out of themselves. People are saying they should give it back, but they already drank and ate it. THEY ARE CRIMINALS AND SHOULD BE TREATED AS SUCH!
1-30-2009 @ 10:45PM
v-wilcox said...
You were right I just about threw up on my computer - lets imagine them being in our shoes, the average worker like me who works insane hours at two jobs, giving up life, family and sanity to keep a roof over our heads and food to eat; who are also afraid of losing their job if we take time off; who work holidays and weekends to have more money; whose employers don't treat their employees well nor pay them fairly or offer any benefits like health insurance, let alone a bonus. We had clients that were bankers/stockbrokers & they made between $8,000 to $25,000 a month. Since my one job has been eliminated and unemployment doesn't start for 4 to 6 weeks, my car is being repossessed and I'm unable to pay for my rent this month. While my son and I prepare to be living on the streets in about 2 weeks, those bankers are sitting in their office working hard spending those bonuses - SYMPATHY FOR THOSE GREEDY BASTARDS - YEA RIGHT - PAY IT BACK
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1-30-2009 @ 11:49PM
Bobby said...
Everyone's got their own story in life.
I'm in land development & started a 5-6 yr project back in '05. I've been totally refused by my bank that I've had a 20 yr relationship with. I've written the upcoming yr off profit wise & am trying to hunker down to survive. The bank built in a 7% floor on my loan & refuses to modify it to lower terms. I just found out they're receiving TARP funding so in essence they're recycling my tax dollars to charge me as much as they can. It's insane,, it just is.
They spend money extravagantly on their employees taking trips to Cabo San Lucas & granting $5,000 to couples who adopt. It's hard to even put into words the disdain I feel for them at this moment.
I understand where the author of this article is coming from though. To the bankers who let their hubris guide their principles I have no pity. To the ones at the bottom of the food chain working their asses off to preserve a lifestyle culture I hold no grudge against..
Life has become a very individual thing to me now. I will never trust the system again which brought me here. While all the corporate geniuses are figuring how to hold their world together,, they may not be able to figure out my side of it & the lessons learned that are intrinsic to their own survival. Perception drives the world & mine & others has been shrunk to a primeval mode that may indeed spin the world on a reverse cycle for yrs to come. Reality is sweet,, I welcome the challenge,, I suggest we all do....
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1-31-2009 @ 2:31AM
GaryB said...
Oh, I really feel sorry for those not so rich BASTARDS. Come on down and live in my world for a day and see what a real hard working person goes thru in an average day just to suvive in this mess those guys put us into.They wouldn't last till lunch time workig with me. Go ahead and cry in your champane guys. I really feel sorry for you.
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1-31-2009 @ 10:29AM
Joe said...
Integrity and accountibility often used in campain tactics by politicians, government agencies, and business institutions are only voiced, but not performed. Individual investment pension accounts are being deteriated by poor oversight and management . These executives have manipulated our economy for decades , at the expense of tax payers. Executives excessivley exercise stock gifts, options,and other compensation for poor perfomance at substantial profits, when is the goverment responsibilty to regulate these institutions by law be enforced.
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1-31-2009 @ 10:47AM
Lynn said...
Oh Poor Little Sarah - So sorry for your whine. I can just see you typing away in a million dollar penthouse somewhere overlooking the financial district and living your cushy little life that is completely and totally out of touch with reality.
LOTS of people work horrible hours and are forced to neglect their families in order to be able to maintain their employment - that is part of the reason why it is called WORK and why people get a PAYCHECK for showing up.
These Bankers DO NOT work harder than most of the rest of us and they do NOT deserve BILLION dollar bonuses for doing crappy - sleazy - shoddy work - does this help clarify the issue for you dear ?
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1-31-2009 @ 12:27PM
Kimberly2 said...
Nope, don't feel sorry for you!
Every *BAIL OUT BABY* should have be let to FAIL, FAIL!
Did it to yourselves, PERIOD! You greedy (you fill in the blank)
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1-31-2009 @ 11:27AM
ssmith94015 said...
So, she works in the banking industry? Well, so do I and the WASTE by the big guys is tremendous. This article is pure fiction - I worked long and I mean LONG hours (often 24 as I dealt both with domestic and international) while my boss was sure to leave by 5:00 every night and weekends? He did even want to be CALLED on a weekend. So, as my family also faces possible homelessness because of NO JOB and NO BONUS, these guys going to let us sleep in thier guest room of their multi-million dollar houses?
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1-31-2009 @ 12:15PM
Brian Silverman said...
It isn't all easy as it seems. I live in New Jersey and know many small business men that depend on those bonuses being paid to keep their lawn, construction and other businesses afloat. Also, you all don't realize the tax implications to New York and New Jersey if these bonuses and the taxes collected are not paid.
In many cases, those getting the bonuses are in the profitable portion of the brokerage not those that made the sad decisions to invest in mortgage securities that were flawed from the very beginning.
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1-31-2009 @ 1:10PM
Sally said...
Bonuses are fine if corporations are giving them out from their own profits. But these bonuses were from MY MONEY as a taxpayer. If a company isn't making a profit, is getting federal tax dollars to keep it afloat, then no bonuses should be given out. To anyone. These people have completely lost touch with reality after years of getting richer while the middle class has gotten the short end of the economic stick. And the idea that only in the finance/banking industry do they work insane hours, sacrifice time with their family, get treated horribly ... WELCOME to MY WORLD as a public school teacher. And before you say " teachers have the summers off!' I work ANOTHER job in the summer to pay my bills.
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1-31-2009 @ 1:12PM
JJ said...
Please don't whine about the hours you work. I dont mean to complain because I love my job and money isn't everything, but it just upsets me so much how people can be so self-serving. You whine about being in the office on a Sunday night? You deserve a million dollar bonus because your job is so stressful?My husband and I are both doctors and after 8 years of college and medical school, 5 years of residency and fellowship, and an obscene amount of student debt, we are in jobs where we must work nights, weekends, holidays etc. We carry our beepers 24/7 and yes, we too have missed funerals and important family events because a patient needed us. We save lives every single day. How much do we get paid? $95K a year--- not small, but a pittance compared with other careers who work much less. And we dont get any bonuses, nor do we get to have a glitzy corner office in Wall Street. Oh, and if we screw up, there will be some $500 an hour lawyer who will sue us, not like the financiers who, if they screw up, will get bailed out by my tax dollars!
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1-31-2009 @ 3:40PM
Suz said...
Those greedy jerks who STOLE - yes, STOLE, our hard-earned tax dollars (and investments) had BETTER pay it back. NOBODY is worth the billions those idiots are paid, and how shameful they ran off with multimillion dollar bonuses when the rest of us working stiffs had our retirement investments wiped out, and their employees are out of a job.
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1-31-2009 @ 4:12PM
Janet said...
Sorry Sarah. I have no sympathy here. I am a nurse and have worked 2 jobs most of my nursing career(Averaging 60-80 hours per week) in order to raise my children and keep a roof over our heads. I have worked hard to try to build my 401K so someday i can retire. My kids are now grown I have few deductions and I pay taxes out the "Wazoo" Health insurance premiums have skyrocketed, cost of living is high and we wrok short often so the facility can save some money. I've worked holidays, weekends and long hours for years and NEVER recieved a bonus. It kills me to see MY tax dollars used to bail out companies that have been greedy and corrupt. They have been sappling the American people dry for years and serving their own interests and now WE'RE suppose to feel sorry for them? I think not. The rest of us worry daily about job cuts, making our mortgage payments and rising costs while they live in the lap of luxery! Not only do I have no sympathy but the whole thing just ticks me off!
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1-31-2009 @ 5:01PM
Pam Murray said...
For my 2 cents, they never should have been bailed out, perioded. When working stiffs make bad decisions things get repossessed and they are left homeless. They should have been allowed to fail and let everybody start from scratch. And who says America has to borrow money to prop up the financial markets of the very people we are borrowing the money from. This is ass backwards. America should have better sense.
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1-31-2009 @ 6:01PM
john said...
This Thain asshole, should be procecuted ,and made to give back not only his bonus but all the other clowns as well....To think that he had the gall to dole out taxpayer money when he was an insider on the deal with bank of America is criminal. And to add insult to injury the multi thousnads he spends on carpets for his office is just another example of the total disregard for the taxpayer. We bub public opinion is growing; this tidal wave is going to sweep you fat cats off you feet and drown you. I personally cannot wait to see you in front of a nice big angry congressional hearing just waiting to tear your corpotate throat out...Hopefully they have enough brains to bring criminal charges agaist you.
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2-01-2009 @ 7:33AM
Jeanne said...
I agree RETURN THE MONEY! I have worked insane hours to find out on a Saturday afternoon after a lOOOOOOOng week of work that I was to be laid off, and for ummm....2 weeks says one person and 6 weeks says another and of course, we "really aren't sure yet". I have chosen the industry I'm in (the dying RV and manufactured housing industry) because I actually enjoy it, but making great money for a couple of years (not a drop in the bucket to these guys!!!) then losing your ass for the next one... well you can see where I'm going and no bonuses or bail outs here!
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2-01-2009 @ 8:27AM
Phil said...
Before 12 years of it wrecked my health as a paraplegic and made me fully disabled for life, I worked the insane hours of a corporate lawyer, and can relate to the pressure of making your work you're whole life. Large law firms do the same things described in this article.
However, my law firm didn't ask for tax payer money with no requirement to explain how its spend - which is what Bush gave the financial industry. Learning that a huge chunk of it went to bonuses is outrageous. I always thought bonuses were for special success, but these bonus recipients are failures who made their employers go begging. NONE should get bonuses when the taxpayers are paying for them.
Life as an investment banker or professional investor sounds rough - but its also rough for members of the middle class to work TWO full time jobs to make ends meet. The issue here is Wall Street greed - and I have no sympathy how incompetent investment bankers work all the time. Its a supposedly free country. As the old saying goes: "if you can't take the heat, get out of the kitchen." If they don't like their jobs, they should find a new one, with an item on their resume saying "I participated in the near destruction of my formal employer."
All Wall Street bonuses should immediately be given back to the taxpayer, and future bail-out money should be denied to those companies who used bail out money to their executives as bonuses.
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2-01-2009 @ 9:07AM
kc said...
well quit re electing the stupid polititions that are as much at fault as the executives. bad policies reflect bad leadership. as long as they are not afraid of the public . they will continue to bail out . spend money wastefuly . and not give a dam what the american people thinks. put the fear of losing their cushy careers. vote at share holder meetings. vote the losers out. let them know that the crap stops now. that they will be held to a higher standard. send them letters on pink paper telling them to expect a pink slip with their firing if they dont get it right. hold their feet to the fire
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