No, Please .... Don't Call It a Bonus! It's a 'Retention Award'!
While CEOs of eight banks sat before Congress on February 11, 2009, one of the CEOs there from Morgan Stanley, attempting to justify their questionable actions after having received Troubled Asset Relief Program (TARP) money from taxpayers (Please see excellent coverage provided by Pythiian1 here.), an audio tape of James Gorman, co-president of Morgan Stanley, from a week ago, has revealed him informing financial advisers at Morgan Stanley and Citigroup's Smith Barney to expect " .... very generous" retention payments, with which he thought they would be pleased.
It was cautioned not to refer to the 'retention awards' as bonuses.
From the article, Mr. Gorman states on the audio tape:
There will be a retention award. Please do not call it a bonus. 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.
Click here to read the full article.
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