Bank of America to use bailout money to increase bankster's salaries by 70%
Bank of America May Raise Investment Banker Salaries
Bank of America Corp. plans to increase some investment bankers’ salaries by as much as 70 percent following the takeover earlier this year of Merrill Lynch & Co., people familiar with the proposal said.
Bank of America, which has received $45 billion of taxpayers’ money, may raise the annual base pay for some managing directors to about $300,000 from $180,000, said the people, who declined to be identified because the final numbers are still under discussion. Salaries for less-senior directors would climb to about $250,000 from $150,000, and vice presidents would get $200,000, up from about $125,000, the people said.
“The concepts we are considering would not increase total compensation,” [oh, good] Brian Moynihan, Bank of America’s president of investment banking and wealth management, wrote in a memo to employees today, obtained by Bloomberg News. “Rather, we believe it is responsible, and consistent with the emerging public consensus, that a greater percentage of overall compensation come from fixed base salary.”
Bonuses will become a “smaller” portion of total compensation, Moynihan wrote in the memo.
No, no, no, no, no, no, no. You're not getting it. Here's the "emerging public consensus":
What we want is for banksters to be paid less money.
PAID LESS MONEY.
We don't want to decrease the bonuses, and then make up for it on the backside by increasing salaries (and, doubtless, other perks that we don't know about, like company hookers and blow).
I'd say... Let me generous. $75K? See, the object of the exercise should be to force bankster to find productive work -- say, as plumbers or electricians or chefs or taxi drivers -- instead of being paid absurd sums of money so that they can destroy people's 401(k)s and loot the economy. As Krugman says: They do more harm than good. For this, we pay them? Forcing them to seek gainful employment can be most readily achieved, banksters being what they are, by paying them less money.
PAYING THEM LESS MONEY.