I got my bonus numbers on Friday and I was NOT happy. 60% down from last year (that's my bonus number, not my total comp). And yet, I'm serenely at peace at the same time. I still have a job, something a lot of other people in the industry can't say. Plus, I got actually got some sort of bonus, small as it was, while many others in my own company got the big donut.
But no matter how bad I feel about my situation, NOTHING is as insulting as what happened to the guys at Credit Suisse. Instead of cash bonuses (you know, something you can actually spend), they got CDO's. That would be Collateralized Debt Obligations. These would be shares of pools of bad mortgages that were the very reason that Credit Suisse and the other banks went down to begin with!!!! This is the equivalent of a Chinese toy factory giving it's workers lead-paint tainted toys for their kids. Or a restaurant shutting down because of tainted food and then giving their employees a picnic with the same food! It's deviously brilliant too beause it gets the bad debt off the company books while also giving a possibly valuable (in the far future) security as a bonus.
But damn if it isn't insulting to everyone involved. How fucked up do you have to be to come up with that?!?
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