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None Dare Call It “Bonus”

Anyone want to hazard a guess on whether Morgan Stanley CEO John Mack will get asked about this at today’s banker hearing?  

Via Sam Stein:

The soon-to-be-merged financial giants — Morgan Stanley and Citigroup’s Smith Barney — announced the payments during an internal conference call last week, but warned advisers against describing them in terms that would cause PR headaches.

"There will be a retention award. Please do not call it a bonus," said James Gorman, co-president of Morgan Stanley. "It is not a bonus. It is an award. And it recognizes the importance of keeping our team in place as we go through this integration."

This is like "new math," but with visual aids. Lots of lovely Benjamins for visual aids.

I get that people are having massive job security anxiety and that bonuses in the financial sector are a normal part of compensation calculations for a lot of folks.  But coming up with a new name for it?  Doesn’t make it any less of a retention bonus.  Or a performance bonus.  Or whatever other reason you might be handing out that…bonus.

Honesty and integrity truly are a lost art, aren’t they?

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Christy Hardin Smith

Christy Hardin Smith

Christy is a "recovering" attorney, who earned her undergraduate degree at Smith College, in American Studies and Government, concentrating in American Foreign Policy. She then went on to graduate studies at the University of Pennsylvania in the field of political science and international relations/security studies, before attending law school at the College of Law at West Virginia University, where she was Associate Editor of the Law Review. Christy was a partner in her own firm for several years, where she practiced in a number of areas including criminal defense, child abuse and neglect representation, domestic law, civil litigation, and she was an attorney for a small municipality, before switching hats to become a state prosecutor. Christy has extensive trial experience, and has worked for years both in and out of the court system to improve the lives of at risk children.

Email: reddhedd AT firedoglake DOT com

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