Tuesday, February 3, 2009

Bonuses are Required? Bah.

The Wall Street Journal is having terrible cognitive dissonance this morning. On the one hand, we are told that:
It won't be easy to upend a compensation system that is woven into the fabric of the U.S. financial system. Many Wall Street employees work under employment contracts that can't be unwound.
On the other hand, bankrupt Lehman is getting swamped with resumes despite low pay:
"We're getting swamped with résumés," says Bryan Marsal, a turnaround expert who is now Lehman's chief executive officer. The inquiries, he says, are from people affiliated with marquee names such as Bank of America, Citigroup Inc., and Morgan Stanley.

"It's just a tough, tough time, and there are a lot of good people out there looking for work."

The wages are not great by past standards.
I'm sure that Erin Burnett, with her keen financial insight and deep understanding of corporate compensation, will have soothing words to help the WSJ editors get off the couch by noon.

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