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From The Rumor Bag: Zero Bonus For CIT Employees
John Thain is already working his interior management magic. The word "out there" is that all non top level CIT employees (who will at best get a little restricted stock with 3 year vesting) will get exactly zero bonus for 2009. Probably to be expected for a firm that was only not bailed out but also went bankrupt, yet pulled a Detroit UAW and emerged in about a month. It remains to be seen if the money thus retained will go toward the purchase of arcane $100,000 toilet and lounging paraphernalia for Thain's office, or changing that idiotic night club lighting at CIT's 5th Avenue lobby. It is also unknown if under Thain's recent guidance, CIT has managed to invest (and lose) several billion in blown up basis and HVOL trades. It is certainly unknown when and if Bank of America will acquire CIT, under the stern "guidance" of Ben Bernanke.
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Thain is as massive a tool as there is on the Street, but let's set the record straight - just for the sake of vocabulary, the $100k was for a "commode" which is a cabinet. It is no more a place to take a dump than a komodo dragon.
Let's face it though, spending a hundred grand for a cabinet is taking a nice, steaming one on the shareholders.
He probably wanted the bonus pot to himself.
Out here in the real world the way it generally works is no company profit = no bonus. Not saying it's fair as you can have hard working, dedicated, intelligent employees who should be rewarded but that's the way it is, just taking a while for common sense to work it's way into finance.
"All non-top level management will get zero bonus for 2009"?
What the fuck?! That means that the Big Jefes DO get blood money?
It's important to keep the top level in the chips, ask Obama, Summers, Geithner or any other klepto, the top level needs their cheese!
Thanks. I spit iced tea through my nose laughing.
Thanks a lot, I feel so bad now that my entire day, no make that a week, is ruined.
Maybe we should all chip in for them!
CIT is a cesspool. We should flush them before the contaminate everything they touch.
Careful flushing that one. I'd look out for an upper-decker.
Only top management get a bonus? I wonder who decided that one? Maybe they should put it up for a vote.
A) No one
B) Everyone
C) Top-Management
D) Everyone but top-management
(bonus pool stays the same in c and d)
rumor has it there are sissy slap fights after hours in the CIT basement since bonus size can't decide alpha
A few points...
1. The CIT lobby should not be gentrified like the rest of the area. Gentrification killed the NYC club scene, all those coke users need somewhere to go to get their freak on.
2. The exodus from CIT is actually already over. All the way up to senior VP level, vast majority of the best talent has already left in the non-core divisions.
3. IN LV, Kirk extensively appreciates expensive commodes. He hired Thain because of it.
BankerHedge: on a long enough timeline, the bonus rate for everyone approaches 1/0.
To the author: commode =
1. A low cabinet or chest of drawers, often elaborately decorated and usually standing on legs or short feet.
And the top mgmt deserves to decide what the minions get so shut the fcuk up.
The taxpayers own CIT. That makes me part of top management. So I say the minions get jack, and the titled management get a cigarette and a firing squad at dawn.
There. Sorted. Now if I were only top management at the FED ...
Head fake.
The bonuses will quietly roll in later, well beneath the MSM radar, probably during the looming Greek bk. I'd give in Apr-May time frame.
Never waste a good crisis.
Yup.
We called it together a while back.
BOA will be stuffed fat with Thanksgiving day stuffing
before being cooked for 6 hours at $375 till golden brown
and the little 'done' thingy pops up.
:(
It's my bank!
-MB
ps. Chase won't 'allow' me to have an account with them on account that I once overdrew an account with an umbrella bank by no fault of my own due to America Online slurping a fat monthly stipend on auto withdrawal after the account was
cancelled. I deserved it. Anyone that ever used America Online deserves it.
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