How Bad Is It?
Dec 19th, 2007 at 11:31 am by Susie
Pretty bad, if they’re skipping their bonuses:
In an acknowledgment of the most-difficult period in Bear Stearns Cos.’ 84-year history, Chief Executive Officer James Cayne and other senior executives are expected to forgo bonuses for this year, people familiar with their plans say.
The expectation comes as Bear prepares to announce tomorrow its first quarterly loss ever, an outcome certain to curb pay for the firm’s 15,500 employees. This is a turnabout for Bear, which over the years has used its generous, merit-driven compensation system to recruit job candidates it calls PSDs: those who are poor, smart, and have a deep desire to be rich.
Here’s how bad it is.
This stuff is so over my head. All I can do is hang tight and give thanks every day that my house is paid for and that I have no debts.
The husband, on the other hand, who has lotsa money stashed away in the stock market, may be in for a nasty surprise…
Morgan Stanley has suffered its first quarterly loss in its seventy-three year history!
Merci. you should command your husband to sell every financial-institution stock that he owns, ASAP.