Thursday, January 29, 2009

(LII) A New Stipulative Definition for "Bonus"?

Perhaps, to the power-elite on Wall Street, "bonus" has come to mean (taxpayer subsidized) "base-pay":

Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.

Or perhaps they're just crooks.

Source: New York Times


Update: Economist Paul Krugman calls for nationalization (a form of "true socialism"?) of failed banks to avoid "lemon socialism."

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