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Investment banks have been paying out bonuses for decades and in many years those sums were astronomical. Certainly Mr. Paulson, who ran Goldman Sachs before going into public service, knew about it as did everyone in the New York Federal Reserve. Paulson had, after all, had his years of big...

Author: /time Magazine | Title: How the Government Missed All Those Wall St. Bonuses | 1/30/2009 | See Source »

When the major banks and brokers got their first chunk of TARP money in October, everyone intimately involved in the process was aware of how Wall St. compensation works. But, the only conversations about salaries and bonuses were directed at the CEOs of the big firms. The cognoscenti knew that...

Author: /time Magazine | Title: How the Government Missed All Those Wall St. Bonuses | 1/30/2009 | See Source »

It is almost impossible to believe that there was any malfeasance in the decision that left the bonus management of the highest performing employees at these companies to the boards and senior managers. But, the government elected to avoid getting into a series of disputes over how thousands of people...

Author: /time Magazine | Title: How the Government Missed All Those Wall St. Bonuses | 1/30/2009 | See Source »

The government walked away from the entire matter because it was complex and time consuming. This is the same reason that the Treasury Department wrote checks to the banks instead of buying their toxic assets even though Congress had been told that the TARP funds would only be used to...

Author: /time Magazine | Title: How the Government Missed All Those Wall St. Bonuses | 1/30/2009 | See Source »

But today's strike was noticed. Indeed, state sector employees were joined by an unusually high numbers of private sector workers. Many of the 376 staffers at Paris-based pan-European stock exchange Euronext, for example, struck to denounce job cuts announced despite the company's double-digit growth in...

Author: /time Magazine | Title: Massive Strike Closes France | 1/29/2009 | See Source »

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