Why the hell are they giving out any bonuses after their failure? How does a company wipe away $20 billion and be required to be bought out or possibly collapse and then still give bonuses? These are people who were paid handsomely in recent years while selling trash so to give them yet another reward for that is obscene. It is especially bad since taxpayers are stuck bailing their sorry asses out and doing without a lot themselves. Someone in Congress (or New York) needs to work on the backbone and lower the boom here. Today, preferably.
Merrill Lynch & Co. plans to cut year-end bonuses in half after more than $20 billion of losses that forced the U.S. securities firm to sell itself to Bank of America Corp., Bloomberg News reported Wednesday, citing two people with knowledge of the situation said. The average bonus reduction will be about 50% at the New York-based company, and some traders and investment bankers will face steeper cuts, the report said. While employees won't find out their bonuses until later this month, division managers are being told now how much they'll get to distribute, it said.
