Friday, October 17, 2008

sorry, was that MEANT to be the destination of the $700 billion ? ?

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Apparently a lot of it is . . . . . . TADA ! ! ! ! ! - going into the pockets of the top characters in the banks as bonuses.

You really couldn't make this shit up:

"In the first nine months of the year Citigroup, which employs thousands of staff in the UK, accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan."
Behind the scenes, one source said: "For a normal person the salaries are very high and the bonuses seem even higher. But in this world you get a top bonus for top performance, a medium bonus for mediocre performance and a much smaller bonus if you don't do so well."
Many critics of the investment banking model have questioned why firms continues to siphon off billions of dollars of bank earnings into annual bonus pools rather than using the funds to shore up the capital position of the crisis-stricken institutions. One banking source said: "That's a fair enough question - and it may well be that by the end of the year the banks start review the situation.""

Addition:

Same story from The Indy.

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