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Thread: Banks return to bonus plans

  1. #1
    Senior Member Gerry Clinchy's Avatar
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    Default Banks return to bonus plans

    http://www.nytimes.com/2009/04/26/bu...html?th&emc=th

    Somehow I wonder if the "talent" that these banks want to "retain" have any talent except for the art of obfuscation.
    G.Clinchy@gmail.com
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    Senior Member badbullgator's Avatar
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    I can't speak for all of them, but I know that AIG clearly had parts that made money and a lot of it that had nothing to do with the mess AIG was in. I don't think you can paint every bank department with the same brush. You may have one area that is doing very well for you and that same area may be what you are counting on to pull your ass out of the fire so to speak and at the same time have another department that is costing you great amounts of money and IS the problem with the entire bank. Now do the people in the department that is making money (even if the over all bank is not making money) deserve to be compensated for the good/great work they have done? If you don't you may well lose the only good thing you have going for you. Now if you pay bonuses to those that are the problem that is another story, but I am not so sure that is happening and if it is then that is just foolish.
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  3. #3
    Senior Member Gerry Clinchy's Avatar
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    What am I missing in this picture?

    Didn't the banks say they needed government assistance to get out of their mess? Did I misunderstand that?

    So, the government legislated mucho billions of dollars to help them out of their mess.

    Yesterday, the news was reporting that many banks (Chase was one mentioned) are working out how to give the money back ... because they don't like the restrictions placed on the use of the funds, i.e. the limitations placed on corporate compensation.

    If they are giving the money back, then I'm wondering how they figured out how to solve their mammouth, catastrophic problems in just a few months ... when just a few months ago they convinced everyone that the whole banking system was going to collapse unless bailed out by taxpayer funds.

    Congress could have saved everyone a whole lot of time and paper if they had just included the limitations in their original work. Seems like if BHO could "demand" the resignation of GM's CEO, he could have sat down with the bank guys and said, "Look if we bankroll your mistakes, you are not going to use taxpayer money to pay more big bonuses." Could have laid out the conditions in advance & saved everyone a lot of grief.

    Guess those talented guys the banks wanted to retain figured it out when their paychecks were at stake? Let's just hope their solution is not another just another temporary gimmick like the derivatives were.
    G.Clinchy@gmail.com
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    Senior Member Franco's Avatar
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    Quote Originally Posted by Gerry Clinchy View Post

    What am I missing in this picture?

    Didn't the banks say they needed government assistance to get out of their mess? Did I misunderstand that?

    So, the government legislated mucho billions of dollars to help them out of their mess.
    The severity of the problem was blown out of wack by the political left to gain more power duing the November elections!

    That is one reason I was against all the bailouts. However, these bailouts will pale in comparison to the bailout of many liberal states that voted for Obomo.

    I think their plan is to completely meltdown the economy by overspending so that they can take complete control of everything they want control of. I predict before it is all said and done that Obomo will try and do away with Presidential term limits.
    Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge



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    Senior Member Gerry Clinchy's Avatar
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    So, what's next?

    BHO promised to give these funds to banks so they could do mortgage modifications on those sub-prime mortgages & stave off the flood of foreclosures.

    Then came those murmurings that the banks hadn't been lending out the money they had acquired. Could they have been planning early on to give the money back, i.e. as soon as they heard the public uproar about the bonus programs?

    If they give the money back, what happens to those mortgages? If the borrowers lose their jobs, it will take "forebearances" to save them from foreclosure. (i.e., the bank foregoes a couple of months' of mortgage payments & tacks them onto the end of the term). However, with unemployment getting so high, how much forebearance could the banks sustain?

    That $8000 tax credit for first-time buyers? I don't think it has stimulated buyers who otherwise would not have bought. The buyers, however, will put some of that $8000 back into the economy in terms of home improvements. Some of it may pay off credit card debt; & some into savings.

    Actually, the first-tier of home buyers (the first-time buyers) is not very brisk. some of those buyers aren't going to benefit greatly from the tax credit. This then means that the sellers of those homes, who would be moving up to their next home cannot do so. Investors are doing okay picking up some properties at attractive prices.
    G.Clinchy@gmail.com
    "Know in your heart that all things are possible. We couldn't conceive of a miracle if none ever happened." -Libby Fudim

    ​I don't use the PM feature, so just email me direct at the address shown above.

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