Friday, January 18, 2008

yet again another bunch of bankers

Just how does all those bank losses bear on the rich rewards that bankers are accustomed to ? Well , for the minions of Merrill Lynch , the investment bank , not very much , at all .

This according to The Independent

Despite plunging $8.6 billion into the red , and writing off a further $14.1bn of its investments in mortgage-backed debts, taking the total write-downs to $22bn and making it Wall Street's biggest loser since the mortgage market collapsed in the summer Merrill Lynch could still pay its executives an average pay of $353,089 per employee and an average bonus of $211,849, just down only very modestly from the previous year when the figures were $364,940 and $218,957, respectively despite the sub-prime mortgage meltdown .

Stan O'Neal , the ex - chief executive of Merrill Lynch received a retirement package estimated at $160 million .

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