Word: morganize
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Paying a $25 million or $30 million bonus to a Goldman Sachs or JPMorgan Chase or Morgan Stanley higher-up this year is obscene because none of these firms would exist if our government and others hadn't stepped in to save the world financial system. If these companies have all that money around, largely courtesy of us, they ought to send it to the U.S. Treasury. But paying a $250,000 bonus on top of a $150,000 salary to a worker bee is a different story...
...more macro way, Goldman and Morgan Stanley in particular were facing the equivalent of a bank run in September 2008, as fear-stricken hedge funds for which they were prime brokers pulled out their assets. The firms would have been toast if the government hadn't allowed them to become bank holding companies overnight, giving them access to almost unlimited funds that the Federal Reserve makes available to banks...
...Tobel was accepted to HBS when she applied as a Harvard senior—but she deferred admission to work for a hedge fund owned by Morgan Stanley and entered HBS in the fall of 2008. She took her leave of absence that spring...
...largest recipients of federal bailout funds. The cuts will affect the executives of some of the companies most closely linked with the recession, including American International Group, General Motors, and Citigroup. However, other firms that have already paid off their bailout loans, like financial behemoths Goldman Sachs and Morgan Stanley, are immune from these restrictions and may continue to award massive bonuses to their executives...
...live beside conservatives," said Neils, "and there's no reason I can't find intense political ground with them. When we get together, we talk about community, how to take care of our people, feed our people. There's no place in that community for the likes of J.P. Morgan and Goldman Sachs...