Publishing BAC research analysts, who were guaranteed their bonuses last year after the debacle in February of 2008, were informed that their bonuses would be paid entirely in restricted stock, with no cash component.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Wonder what the vesting is for this?
http://tradecoholdco.wordpress.com/
Hahaha, serves them right. Worthless stock.
Wow…these guys are making Citi look better and better each day.
Does this include the analysts that were fired in December, or just current employees?
The analysts fired in December do not know the make-up of their guaranteed awards yet. They are scheduled to find out next week.
The bank can pay them in cash/stock/deferred cash, but when they are shitcanned on April 7th (after the 90 day consultation period), everything will vest.
So, most likely it will be a race to see if BAC stock goes to zero before April 7.
Let it be said, one more time but with feeling, BAC management is amoral and should never be trusted.
Vesting shortly following nationalization…
Fire Ken “were not cutting our dividend” Lewis ASAP
@6. Thanks, @5 here. BAC has no incentive to pay them in cash or deferred cash. it is in BAC’s best interest to pay them in stock. I realize they “do not know” yet – but in reality, don’t you kinda know what side the bread is buttered on?
@6, good point BAC as amoral as Merrill mgt., only dumber. Nationsbank culture.
http://www.watchfreeepisodes.com/ken-lewis-60-minutes-video-heres-60-minutes-ken-lewis-bank-of-america-ceo-video/3958/
Proof again that if you’re ever told “You’re safe” or that “We’ll take care of you next year” in a large firm (especially a bank), start looking for a new job and hoarding cash.
BAC div yield at 22%. I’m all over it like stink on shit. What a great deal.
SPODE
@10
To think, if DE Shaw hadn’t lost all that BAC back in 98, Nationsbank wouldn’t have taken over. Who knows where we’d be?
Remember, you can always paper your lampshade with those stocks.
stop your whining. You guys all deserve nothing but a pile of shit for your bonuses. If not for my taxpayer money, you would all be out of jobs right now.
@13: Chris H (dude on the scooter): Is that you? Back up the truck!!
@5,9 – You are quite right, hence it will be a race to see whether BAC goes to zero by April 7.
So, if the useless management could just keep the sucker going until then…
Yours in hope,
@6
how long before martial law is declared on the st?
anyone want to pull a lebowski on thain’s rug?
http://tinyurl.com/asl5ow
@16 – I probably paid more taxes last quarter than you have in your entire lifetime, sluggo.
@16 – a contract is a contract. As far as I am aware, the rule of law has not yet broken down.
@20 – It really pulled the room together.
@14 Doug Coulter (B of A top dog that got whacked over Shaw) went to Warburg Pincus where he has made bad investment after bad investment. WP bought MBIA for $31 a share. MBIA is now at $3.
I agree that Kenny Boy Lewis and his band of retarded brothers from NationsBank have sucked donkey balls. But I’m not sure that Coulter and the SF based boys would have prevented all of this mess. It is hard to imagine them doing a worse job. George Costanza from Seinfeld could have done a better job even though his backround is in MLB and not finance.
“Kicked out of the expensive office, he’s now The Thain Of Corridor.”
@25
i meant how much worse off we’d be
Spode,
haha, what will the yield be after nationalization in 3 months?
can someone please make dennis kneale shut up
@26: Wow, really?
It’s Macbeth, he was Thane of Cawdor, right? “Out, damn spot” – remember?
Really, who could have known that 0% down no-income $750k home loans could have turn out so badly?
So, who get the commode on legs?
@32: According to the photo, I think Marcus Schrenker got that one.
KEN LEWIS IS A MORON.
@32 – I did. Step off.
I don’t care what the pundits say, in this defining moment – when all is said and done, Dick Fuld will be a hero.
Friend just laid off in Equity Sales at BAC. Did millions in commish a year and had plenty of clients doing $2mm +
Gone, just like that.
@30: Thank you. It’s been years.
@25 – I believe you are onto something here. Costanza in his “do the opposite” mode would be the CEO of a multibillion dollar hedge fund who shorted all the banks and the BKX last year.
@22: Does that make you a big man? Real big in the pants? Go stuff yourself.
@ 22 exactly my point – you rich guys made billions from the scam and you shouldn’t get another dime until you pay us all back.
@ 23 the rule of law broke down when you took my money
@26, before the witches proclaim Macbeth the Thane of Cawador, he is the proclaimed the Thane of Glamis. A third witch then proclaims that Macbeth “will be king hereafter”. Just like the Thain that that was deposed today… I guess the WS high rollers didn’t read Greek and Shakespearean tragedy in their expensive prep schools? If might have tempered their arrogance just a bit. To mix literary metaphors, what a ship of f&*k*ng fools.
@41- back to law school. Or, more likely, flipping burgers.
@41
Um, so its ok for you to break the law to lie about your income/assets on a mortgage app you knew you really couldn’t afford, break said contract when the rate jumped, etc?
Do yourself a favor and go back from whence you came, you’re in way over your head here.
37-
If your homeboy has the book you claim he does, he’ll be working again within a month.
41-
I’ve yet to hear cogent arguement as to how “bankers stole money from non-bankers” during the good years. Just because you’re making a lot of money does not mean you’re stealing from those not making as much money. Care to explain?
41 – your jealousy and spite is a stinky cologne. youre one of many faceless losers that is sitting back saying “they got what they had coming” while you head off to work everyday, thinking youre the champion of blue collar labor. guess what, no one thinks youre a hero b/c you didnt take the risks we did and will continue to wallow in a mediocre life ad nauseum.
“you rich guys” the attitude sickens me. as much as i think we’re entering an abstemious age where the “Fabulous” and “Glamorous” culture will be a thing of the past (thank god…I was a banker but never splurged on anything more than a few nice suits and pairs of shoes; good riddance to ‘models & bottles’) i doubt the world will start rewarding worker drones that abstain from taking risk over entreprenuers and risk-seekers.
@41 – let me guess, this last bubble you were (a) a house/condo flipper, (b) a mortgage broker, or (c) a residential title agent.
And the prior bubble you were a genius tech stock day trader, right? (Either that or still in middle school.)
46 – what risks did you take? Was your own money at risk? I doubt it. You took big risks with other people’s money and won big – but where’s the other people’s money now? GONE. You should give it back to them.
Flip A. Burger
@28- In three months, upon nationalization, my BAC yield will be rolled into my new Obama debit card. Most of you bitches will only qualify? for the Platinum card but I gotz qualifiedz for the limitedz BLING card. Holla back bitches. At that point we reach the highest dividend yield of all, the Buzz Lightyear yield; To Infinity… and Beyond! I won’t have to pay for my gas, my mortgage or my food. Only catch to the BLING card, I’m restricted to twoz 40oz Eight Ballz a day. So all you chumps all the wall drinking only one Eight Ball I’m double fisting your ass like Lewis.
Today feels like tomorrow when you got a Eight Ball.
http://www.youtube.com/watch?v=e0daTVnJmt8
SPODE
I like bacon
@46 You took risks, and we are bailing you and your organizations out with taxpayer money. When profits are privitized and losses are socialized, I’m not sure that makes you much of a risk taker, stud. You’re more like a reckless gambler who borrowed his parents credit card to run up a big bill. Now, mommy and daddy have to pay your debts for you.
@16- If not for the banking system you would be out of a job. yahoo.finance.fuckyou.com is missing an idiot, please go back they are worried about you.
You too 41, back to yahoo finance.
how long before a DB poster guns down another?
Point to the idiots ————————> 41, 48, 51
48, bite it. All this harping over “taxpayer dollars.” News flash – The guv’mint wasn’t going to give those dollars back to you, they were going to spend it on things. Propping up the economy, it turns out, is the highest and best use of spending right now. Perhaps if not for the economic crisis, the government would have more to spend on, say, Arbor Day. But they still wouldn’t give the money to you. So the real question becomes: would you like the economy to function, or would you like us to plant a tree?
@54 That’s your argument? No wonder the banks have lost so much taxpayer money.
52 – the banking system would be a lot better off without you and your greedy colleagues. Again, you deserve a pile of dog doo for your bonus until you pay us back.
Flip A. Burger
Loving it!
54 Instead of just pointing, why don’t you explain. Seems like good points: profits privatized, losses socialized; you didn’t take risks, the shareholders did.
I like how all the wall street douchebags can explain with a straight face that they obviously deserve their cash because they went to law school/iissupersmart/pay taxes/etcommode and that everyone can thus piss off.
Give me a fucking break. You just went through the longest period of basically free money where any retard with a suit could have made money and you actually think you had anything to do with that.
No wonder you’re all getting fucked in the ass right now… 95% of you are dumb as rocks.
51 Is just mad because he put his entire 401K into penny stocks thinking, “how much lower can they go.”
@56- What is there to argue? You are an idiot.
@60
why are you reading DB?
you’re new delta tau knickname is …
bruce nyborg
60-
why didn’t you join the legions of “retards with a suit” and make some money if it was so easy?
Obviously #60 has all the time in the world to argue with morons on Dealbreaker about “taxpayer money.”
Government jobs must be sweet.
George Costanza in his “do the opposite” role has just racked up another 5% today. Damn, if he could just do something about that doll that looks like his mother.
@60, replace “wall street” with “auto industry”, “home builders”, “state governments”, “municipal governments”
lather, rinse, repeat.
oh and have fun being angry at the world for the next 18 months.
looks like 60 hit a nerve… Which means of course that he may be onto something.
67 home builders, auto workers and state gov ee’s get bonuses? News to me
Some of us read DB simply for the joy of viewing the mayhem. Watching pigs squeal is a joy.
The Burger Flipper or whatever 5th grade insult you care to throw my way.
squeal piggy
to all those ragging on 41, let me just say one thing to you: NATIONALIZATION. It will be the ultimate fail.
As for me, I just day trade wild swings in FAZ and FAS while your types bemoan the details.
71! Tim Sykes sighting!
#60 took out a NINJA loan for a 700k home with 60k a year in income. Are you mad at the person that held a gun to your head and made you sign the loan? Are you mad at the person that made you buy that new boat when you took out a second mortgage?
71-
Be sure to let us know when you lose all your capital.
@71- day trader = piker
Please go back, yahoo.finance.fuckyou.com
its fairly obvious your job requires so little skill and attention that you have the time during the day to read a website that has absolutely pertinence to what you do, for the pure enjoyment of watching “those rich guys” get “what they had coming”. maybe if you applied yourself a little more you’d slide up a tax bracket or two, no?
@76 is obviously bitter that the only difference between himself (a banker) and a pizza is that a pizza is able to feed a family of four….
#77, actually, your post should finish with “…a pizza is able to feed a family of four… whereas he is able to go on a trip to Costa Rica for vacation while I pay for it.”
Comment removed by moderator.
This is 60. Why would I be mad? I’ve been making 20%+ a year for 6 years, largely work for myself to avoid the suit and douchebags like most of you here, and bet against you idiots starting in 2007. I haven’t stopped really laughing since.
You’re welcome to throw whatever hip capitalist insult (burger flipper, home builder, government worker, law school drop out, etc) you wish–it just makes things more amusing.
I hope you all get your jobs back soon. I’ve only got enough idiots to bet against until about 2011 and I’d really like to retire before I’m 35.
@78. 77 here, that doesn’t really make sense…I don’t think that is really possible.
77 – wow, that was clever, you make that up yourself? Jealous loser. I may be looking for a job soon, but I’m in my twenties and still probably have more savings/investments, and degrees than you.
69 – they may not get bonuses, but they do get guaranteed pay and pensions, and extravagant vacation and personal days, all the while working 35 hrs a week. Oh, and if they feel slighted somehow, they get the protection of the Unions. Those benefits are the equivalent of a multi-million dollar bonus when said person couldn’t even make it past high school (or junior college in the case of government employees).
I’M A PIECE OF SHIT!!!
#79, homophobe much?
60 is the new Bernie
#77 = #83
@82, sweet man, good luck finding a job anywhere especially if you have yet to be laid off, I mean maybe if you had lost it early on but now – no way…look man you made a valiant effort at life, but go ahead and admit you failed…not everyone can be winners.
@82, i’m not saying you’re a failure, but 87 is right about you not finding a job, it’s just impossible right now.
80- “I’ve been making 20%+ a year for 6 years, largely work for myself to avoid the suit… and I’d really like to retire before I’m 35.”
OK piker, thanks for sharing. Obviously all these comments are coming from the same cunt. Champ here does 20%+ a year and thinks he’s going to retire in a couple of years. DB really has reached a new low with this kind of garbage posting here.
if someone has been making 20%/year for the last 6-years his/her name would be known…kindest regards
Getting laid off is great. I’m eating healthier, working out more, sleeping better and generally feeling better. I think getting laid off is the new KILLIN’ IT.
@87
So you’re saying I am fucked? Should I see how far I can fit a double barrell down my throat or should run a warm bath and cut vertically?
I am a piece of shit. Truly, I am.
@90 – you’re missing the critical piece of information that he started with $10. He had saved his allowance for a long, long time.
@84, the homophobia here is so rampant, I’m giving up on Dealbreaker. There are really great posts but the moderators don’t seem to care that homophobia diminishes the site’s value.
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93 Get over it. It can actually be funny. Haven’t you found that the guys that are most vocally anti-gay are generally the same ones you’ll find subtly cruising the steam room tonight at Equinox after their workout? GAnalYst
@97… is that an invitation?
@1-98: I will slap all of you.
That Texas investor must feel like a bigwig, owning all those 1,064,711 shares of BAC.
Pretty soon an individual square of Charmin will cost more.
@93, oh really? It was the homophobia that did you in?
I find it interesting that you tolerated the endless torrent of shamwow, snuggie, first, wideclops, associate numbers, tldr, political, and religious comments only to break weak because someone called someone else a faggot.
GAnalYst-
Those types tend to hang around the West Side Club. Afterwards, they’re seen sneaking into Monster and going into the basement away from the windows.
Happy new year, btw.
-mrp
@92. And you are you missing the key fact that it was $10 in tulips. According to my astronomy book and secret fibonacci charts we are exactly 6 years and 1 moon away from a repeat of tulip mania. I already have my state dept contract for landscaping and a desert tulip patent. Once Obama withdraws from camel country, I’m going to conquer on a fucking golden calf. And if Obama gets shot before that time Jim Rogers assures me that it will soon be cheaper to make clothing out of tulips than cotton, anyway. Just think—with crotchless tulip panties your girl’s crotch won’t look like rotted tapioca until it’s too late.
-60
Mr. P: and lets not forget Tool Box, at 92/2. Very convenient, middle of frat boy territory. Tell the roommates that you’re going out to Mustang or something for a beer. Instead sneak into TB, slip downstairs, turn your baseball hat backwards to signal properly. You’re done and home in no time and the roommies are none the wiser. GAnalYst
104 GAnalYst: ewwwwwwww. You just ruined my second ave happy hour plans tonight!
Jezebelle
87 – you really are a moron. Don’t you get it? If I get laid, I have more than enough to tie me over for the next couple of years. If I choose not to go back into banking, which I admit will be difficult, hell, I’ll just join a corporate development or general management group at any Fortune 500. If I really, truly sink to the lowest depths of society, there is nothing to be found, and I have to settle, well then I’ll just take your job.
Jealousy is a b*tch, in your next life, try harder, study harder, work harder, hell, just be a better person than you are now and you might reach my position in life.
105 My intent was not to ruin anything but instead to provide an important public service by pointing out that UES frat boys are not always what they appear to be. GAnalYst
Hey, does anyone have first year associate numbers for snuggie/shamwow salesmen?
GAnalYst, thanks for busting my bubble nonetheless with your public service announcements. Nobody is really what they appear to be, but on a Thursday night after a long week, a little fun & frolic without having to worry about who’s a closeted gay is all I was looking for. I’m staying home in my snuggly with my pedi-egg instead!
@103- Amazing.
@GAnalYst – I do like your PSA’s. I thought the pant leg up was a sign, but now I know all those boys wearing their caps backwards are on your team. tool box, that just sounds like a gay place – are you saying it’s straight?
Lets take a little time off from the insults and laugh like its 2005:
http://www.youtube.com/watch?v=neCIg0BiXbE&eurl=http://www.wwtdd.com/&feature=player_embedded
Listen carefully at about 8 seconds in…Ladies and Gentlemen our new President!
Cluz: hate to have to spell things out, but I like your style so I will. 1) Tool Box is def gay. But, given the nabe, some younger guys still unsure of their outlook are there to discretely dabble. 2) The backward brim thing is NOT a sign everywhere – only in places like the darker more private corners of TB, where its turned around so it doesn’t get in the way when yr down on your knees…. COME ON, DO I HAVE TO DRAW A DIAGRAM??
On a more pleasant note. You been to Allegretti, in Flatiron? Expensive but good. Take a client. Now back to work. GAnalYst
GAnalYst – too much damn information and no diagrams needed. discretely dabble – I’m not sure one can dabble discretely…
haven’t been to allegretti. went to blt prime for my bday. sat next to a table of traders from cs – they couldn’t have been any louder. thankfully, they had to get on the LIRR so they left before we got to the main course. how about a place for a friend (not a client) who I don’t need to impress (just good food).
GAnalYst -
Wow.. I haven’t been to toolbox since … 2006. I’m supposed to be back in NYC for a party for Saturday, maybe i’ll take a peek.
-mrp
@106 You are a true tool. At least I can live off of my inheritance. You show how classless you, you and all of your many degrees. You may work five lifetimes and you still shall be a prole.
If you actually came from American nobility (meaning those few of us whose relatives actually built the country during the industrial age or a landed Virginia planting family)you would know that degrees and universities mean nothing.
Only birth and checking my balances – matter. Quite a few of attended anonymous places like Pitt, U of Alabama etc, because we are more than secure with our station in life.
Work harder you pouncey little social climber, I’ve some quail to hunt.
116- that some funny shit. I thought all you white boys was obsessed with Harvard and U Penn and such. Bwaahahahaha.
@ 116. whoa, that troll stands out by a mile. keep it in the pants, would you?
Station in life?
DIE GAS PUMPER!
41,
It’s not our fault that the wideclops at home in the basement won’t take care of your needs.
41,
It’s not our fault that the wideclops at home in the basement won’t take care of your needs.
Hey 106 – Positive self affirmations may help with the anxiety, but you are a commercial banker now. Lose the tude, because the rules and the rewards will be different now. Good luck with your middle management job in the Fortune 500, and I am truly sorry that you missed out on the gravy train. The suburbs await you. The days of monetizing your airbrushed credentials are gone….poof. Thanks for playing!
120-122 please click post comment once. You do us all a service
btw the wideclops loves you and will be seeing you again soon….wearing sandles to ease her swollen cankels
Damn it feels good to be a broker….
Calgreedy
@46: You didn’t take any risks. You took a well-paying job right out of college.
I’ll grant that bankers work a lot harder and are smarter than the average office drone…but the strut and preen about how you “took risks, and deserve the rewards” is a joke.
Guys (many of whom you look down on) who start their own businesses take risks. You didn’t.
Twit.
Right on 126. Those morons put together pitchbooks and were excel monkeys. I worked so hard, I am so smart.
How do you pussies do any work with your vaginas hurting so much?
Back to your spread sheets,drones! GS losers, prepare for life as financial planners in Phoenix and Tampa. Lol the Sun Belt calls you!!!
Lol,Goldman is the new Walmart!
Lol, broke ass junior bankers. BROKE. Here take a 50% or 80% bonus cut paid 2/3 in BANK of DOGSHIT stock that vests over 3- 5 years. Ahahahahahahaa oh Jesus, that will pay the NYC mortgage.
Time to move back home. Back to Columbus, Richmond, and Wilmington you go boys!!
@106, hahahaha you only have enough to tie you ever for a couple of years.
Pity you Little Lord Fauntleroy, Obviously you are of low birth, if you must soil your hands with labor. Oh wait, next time rather than being born rich I shall try harder. Perhaps I shall get better than c in college. Lol, not that it matters my family shall always be rich .