Thursday Links
Bus and Subway President Quits in M.T.A. Shake-Up [NY Times] Some Wall Street Bonuses To Hit Pre-Downturn Highs [NY Times] Getting a Grip on Your Property’s Value [NY Times] There’s No Moving Al Vann Out Yet [NY Daily News] No Love for Bloomberg from Brooklynites [NY Daily News] Elves Invade Dumbo [Brooklyn Eagle] Brooklynites Rush…
Bus and Subway President Quits in M.T.A. Shake-Up [NY Times]
Some Wall Street Bonuses To Hit Pre-Downturn Highs [NY Times]
Getting a Grip on Your Property’s Value [NY Times]
There’s No Moving Al Vann Out Yet [NY Daily News]
No Love for Bloomberg from Brooklynites [NY Daily News]
Elves Invade Dumbo [Brooklyn Eagle]
Brooklynites Rush to Rescue Pigeon [Gothamist]
Photo by flatbushnelson
Hey- hire me. I know nothing about finance or Wall St. Fresh eyes and all that.
(is gobs and gobs a professional term? Can I use that in my salary demands too?)
tybur6, there are a lot of new hedge funds forming….spinoffs right and left. And, those that aren’t getting the bonuses they deserve are also staring new firms, right and left.
What are your skills, papi?? no homo (But I get the same feeling when my latino friends call me that)
tybur – there’s a place downtown that gives out Park Slope brownstones as bonuses. However, you need to know the secret handshake and we can’t show you here in case stevieb is watching.
So, I’m thinking I should sell my soul to the devil and give up on this career serving society’s “Greater Good” and all that crap. I think I’d like cash. Gobs and gobs of cash.
Do you think anywhere on Wall Street is just cleaning house and starting fresh? i.e., Hiring all new folks like me? 🙂
Preferably a place that pays at the level of “gobs and gobs”
Give it up stevie. The system is working against you. Life is not fair.
I didn’t get a $10MM bonus last year. You don’t hear me whining about that.
>>BAC had $4B in Net income in 2008. On top of that, Depreciation & Amortization added another $30B to cash flow.
Who cares about BAC in 2008? we are taking about Merrill in 2008. Merrill did not become part of BAC until 2009.
tybur6, thanks. i didn’t have the patience to completely spell it out like you did.
StevieB — I’m not a supporter of the huge bonuses in general. But the majority of the bonuses are paid to those that brought in major revenue. Bonuses are not paid in a HUGE investment house according to *overall* profit/loss. They are usually paid on the performance of the particular unit. X Division was in the black by $29 billion, while Y and Z Divisions were in the red by $18 billion each. That looks like the *company* was not profitable — overall. But the guy(s) you run X Division should most definitely receive a bonus… if that’s the reward structure of the company.
You should reward the positive.
It’s the rewarding of the underperforming managers causing them to take inappropriate risks… that’s what’s gotten us into this mess. However, success should MOST DEFINITELY be rewarded.
Can you see how $35billion loss and $3 billion in bonuses could be at least partially misleading? (Merrill Lynch is a huge company with *many* divisions)
stevie, stevie, stevie…..those who make money for part of an organisation neeed to get paid or you will lose them. If other parts lose money that’s not an issue.
Besides, I doubt you’ve done the analysis on the Merrill losses. The majority of them were writeoffs, not operating losses. learn the difference.
The tax loss carryforwards will allow these places to generate huge cash flow. the value of a business is based on cash flow, NOT earnings. You need to learn some basics to argue your points.
BAC had $4B in Net income in 2008. On top of that, Depreciation & Amortization added another $30B to cash flow.