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From The Rumor Bag: Zero Bonus For CIT Employees

Tyler Durden's picture


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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Tue, 03/02/2010 - 13:10 | Link to Comment jEnron
jEnron's picture

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. 

Tue, 03/02/2010 - 13:09 | Link to Comment Anonymous
Tue, 03/02/2010 - 13:20 | Link to Comment Anonymous
Tue, 03/02/2010 - 13:23 | Link to Comment Anonymous
Tue, 03/02/2010 - 13:43 | Link to Comment JohnKing
JohnKing's picture

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!

Tue, 03/02/2010 - 23:20 | Link to Comment 35Pete
35Pete's picture

Thanks. I spit iced tea through my nose laughing. 

Tue, 03/02/2010 - 13:26 | Link to Comment jimcg
jimcg's picture

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!


Tue, 03/02/2010 - 13:27 | Link to Comment curbyourrisk
curbyourrisk's picture

CIT is a cesspool.  We should flush them before the contaminate everything they touch.



Tue, 03/02/2010 - 15:05 | Link to Comment swmnguy
swmnguy's picture

Careful flushing that one.  I'd look out for an upper-decker.

Tue, 03/02/2010 - 13:42 | Link to Comment bchbum
bchbum's picture

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)

Tue, 03/02/2010 - 14:16 | Link to Comment jc125d
jc125d's picture

rumor has it there are sissy slap fights after hours in the CIT basement since bonus size can't decide alpha  

Tue, 03/02/2010 - 14:27 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:22 | Link to Comment Anonymous
Tue, 03/02/2010 - 15:32 | Link to Comment Anonymous
Tue, 03/02/2010 - 17:22 | Link to Comment cougar_w
cougar_w's picture

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 ...

Tue, 03/02/2010 - 17:18 | Link to Comment cougar_w
cougar_w's picture

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.

Tue, 03/02/2010 - 19:31 | Link to Comment Anonymous
Fri, 04/16/2010 - 10:03 | Link to Comment Tom123456
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