[Peace-discuss] Surprise! Surprise!

[LAURIE SOLOMON]

All you need to do is rebrand it from a "bonus" to a "retention award" and
it becomes ok.  So much for public accountability and control.  The
unfortunate part of this is that the American public will let the government
of the hook for enforcing limits on executive benefits which will let the
corporations and their executive officers off the hook for exploiting the
American public for their own personal gain.

 

It is notable that the retention bonuses are justified on grounds that they
are needed to keep brokers from abandoning a brokerage joint venture; but no
mention is made of such bonuses for anyone else as if those employees at the
bottom in this industry like in the other industries are mere commodities
who are not essential to the survival of companies in the industry and whose
retention is not important.  This sort of attitude seems to have taken hold
in other industries as well in slightly different forms as indicated in the
article that Dave Johnson posted concerning the GM and Chrysler in the auto
industry, where executives are viewed as necessary to survival but auto
workers are not so the salaries and benefits of the executive officers and
other upper management are not going to be reduced but those of the workers
are.

 

 

Citi, Morgan Stanley May Pay $3 Billion "Retention Awards"

http://www.truthout.org/021709K

Reuters: "Morgan Stanley and Citigroup Inc are preparing to pay $3 billion
of retention awards to brokers to keep them from fleeing a brokerage joint
venture, the Wall Street Journal said on Friday, citing people familiar with
the matter. Terms are not expected until later this month, but the issue
could grow politically sensitive because the government has injected money
into both companies, the newspaper said."

 

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