Cash Strapped Companies And Big Bonuses

Rewarded For A Job Poorly Done

November 12. 2008

It has been revealed that cash strapped companies that performed poorly, who are set to benefit from the $700 billion dollar bailout, are still managing to give employees millions of dollars in bonuses for a job poorly done.

Rewarded for failure. Nice work if you can get it.

Hard Times, But Big Wall Street Bonuses

Taxpayers are concerned their money may go towards paying end-of-year bonuses to Wall Street investment bankers…

CBS News correspondent Priya David spoke with several compensation consultants who said that, even in this economy, firms are worried that, if they don't pay out the bonuses, they'll lose their top talent -- people they want to keep around for when pastures turn green again...

For Wall Street workers still employed, there could be a hefty bonus in their checks next month.

According to a report from financial news agency Bloomberg, Goldman Sachs, for example, has set aside $6.8 billion for bonuses, and Morgan Stanley, $6.4 billion.

http://www.cbsnews.com