My, my, my...
JP Morgan invested in Bernie Madoff's fund - until they bailed out and didn't tell any of their similarly-invested clients.
Looks like Wall Street isn't the only employer shelling out big bonuses to losers...
(as ever, H/t to CJR)
2 comments:
" Jan. 27 (Bloomberg) -- American International Group Inc., the insurer saved from collapse by government money after losses on credit-default swaps, offered about $450 million in retention pay to employees of the unit that sold the derivatives, according to two people familiar with the situation.
About 400 workers at the financial products unit may get the money in two installments, said the people, who declined to be named because details of the payments were confidential. The business was responsible for about $34 billion in writedowns since 2007 as the market value of swaps AIG sold to banks plunged amid the subprime mortgage market collapse..."
What can one say. There is simply no limit. A bankrupt division of a bankrupt company passes out million dollar bonuses. One wonders how the building anger will manifest.
Oh I have some ideas.
"The details were confidential..." Damn right, they were.
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