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Thread: Bank of America to raise salaries by 70%

  1. #1

    Default Bank of America to raise salaries by 70%

    So, Bank of America buys up the failing Merrill Lynch and now there are talks for their investment bankers to receive a pay increase from 180k to 300k to match the salary of Merrill's employees... Brilliant.

    http://news.moneycentral.msn.com/pro...330&id=9740079

  2. #2

    Default Re: Bank of America to raise salaries by 70%

    That's just incredible.

    It also amazes me how some people really see no problem with this.....but God forbid, a few people ever get food stamps.....

  3. #3
    Super Moderator UGLY's Avatar
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    Default Re: Bank of America to raise salaries by 70%

    Quote Originally Posted by Black-n-Red View Post
    That's just incredible.

    It also amazes me how some people really see no problem with this.....but God forbid, a few people ever get food stamps.....

    What are you talking about?

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    Olympic Champ RYou's Avatar
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    Default Re: Bank of America to raise salaries by 70%

    Interesting tact to get around Obama's position on fat bonuses for firms receiving federal laons. There's nothing he can do about wages and raises. Since they issue guaranteed bonuses which is causing the fed a problem, they were just salaries with balloon payments in the last week. Their smoothing the payout over 52 weeks and calling it wages and there's nothing the fed can object to.

    Bankers are financial connivers you know.
    Last edited by RYou; 04-01-2009 at 07:21 AM.
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    National Finalist leglace's Avatar
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    Default Re: Bank of America to raise salaries by 70%

    Congress has audacity to say anything about raises considering they voted themselves one. What a great job to be in congress. I think I'll vote one for myself to help pay some debt.

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    World Champ ODH's Avatar
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    Default Re: Bank of America to raise salaries by 70%

    Quote Originally Posted by RYou View Post
    Interesting tact to get around Obama's position on fat bonuses for firms receiving federal laons. There's nothing he can do about wages and raises. Since they issue guaranteed bonuses which is causing the fed a problem, they were just salaries with balloon payments in the last week. Their smoothing the payout over 52 weeks and calling it wages and there's nothing the fed can object to.

    Bankers are financial connivers you know.
    The main objection people have to the "bonuses" is that they are called bonuses.
    A bonus, for most of us, is a reward for meeting a goal or performing above expectation. When the bonuses are automatic, especially in a compnay like AIG, who just turned in the worst quarter in financial history, it is hard to justify any bonus.

    Also advertising employees taking $1 in salary when they have a guarenteed bonus is hypocritical.

    That being said, if there was a contract, the contract should be honored.
    If it is guarenteed, don't call it a bonus, because it is not.

  7. #7
    National Finalist leglace's Avatar
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    Default Re: Bank of America to raise salaries by 70%

    There are 2 types of bonuses, contractual bonus (used as a carrot to ratain) and discretionary bonus (ordinarily tied to merit and performance).
    This was a contractual bonus. However, the outrage was that these bonus'es could have been renegotiated as part of the bail out. Not only did that not happen, but they protected them. As for BOA, this is not as aggregious as what Merril Lynch did.

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