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Bonus Watch '08: Merrill y Morgan

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Extremely supposedly, banking bonuses at Morgan Stanley will be 0-30% of last year's bonus, and sales and trading bonuses at Merrill Lynch will be 0-10%. What we're thinking here is that management has finally stopped trying to fight the rumor mill, submitted and made the thing work for it, by circulating abysmal numbers in order to lower expectations. At least that's what we're hoping, for your sake, otherwise I'm sure we don't have to tell you this would be a great time to start JO&KYO.