So, if the banks can "claw back" bonuses, why can't we? After all, we own the banks!
About 79 percent of Wall Street employees responding to an online poll this month said they received a bonus for 2008, more than the 66 percent who expected to get a reward in October, according to eFinancialCareers.Com.
Always nice to see expectations exceeded. Mine sure have been.
Of the people who said they received a bonus, 46 percent said it was higher than last year, eFinancialCareers, a unit of Dice Holdings Inc., said in an e-mailed statement.
How nice for them!
(Hey, maybe if that 93-year-old guy who froze to death in his own house had gotten a bonus, he would have been able to pay his electrical bill, and his furnace wouldn't have gone out!)
And buried deep in the article:
Firms including Morgan Stanley, Credit Suisse Group AG and UBS AG also have added so-called clawback provisions that set aside portions of workers’ bonuses that can be recouped in later years if an employee leaves or is found to have behaved in ways that are harmful to the company.
So why can't we "claw back," oh, say a decade's worth of looted billions from these guys? Now that they work for us, and all? I mean, isn't driving the entire economy off the cliff and leaving us with the wreckage "harmful"?