I’ve begun thinking about how to reward my stellar team this holiday season. It’s never anything lavish, but I work hard to make it meaningful. So naturally, I was horrified to read Bob Reed’s blog about the bonuses my tax dollars will be used for to reward Wall Street brokers. Bob, a seasoned business reporter and inveterate straight shooter says it’s not clear yet how deep the “bonus pool” will be. One estimate of Wall Street pay, bonus and related costs goes up to $70 billion this year. Then there is Goldman which is poised to hand out about $11 billion in compensation and bonuses. Morgan Stanley plans to “spread the wealth” to the tune of nearly $10 billion of our money.
Hold your horses. This is a new era. The RenGen will demand a say. And the virtual network they built for the presidential election can live beyond the election.
I’m picturing a U.S. version of the UK-based organization They Work For You that has amplified thousands voices to let elected officials know who’s the boss. So, too, for Wall Street. If they take our money…they work for us, no? So, hands off the beefy bonus packages.
You may want to crib from Bob’s blog to drop an email to your legislator to say that your performance review of Wall St. would not indicate a bonus.
Hat tip to Bob Reed.