Thursday, January 29, 2009

Bank of America defers bonuses

Any bonus over $50,000 at BAC 's investment banking staff will be paid in three annual installments in starting in 2010.

Maybe these overpaid bankers can get Wall Street to securitize their bonus in a special pool with TALF funding! I'm sure Bernanke would approve!

For more on the TALF:

At least BofA is a quick learner. Look what Obama had to say about these "shameful" Wall Street bonuses:

The American people understand that we’ve got a big hole that we’ve got to dig ourselves out of, but they don’t like the idea that people are digging a bigger hole even as they’re being asked to fill it up,” Mr. Obama said, adding that “there will be time for them to make profits and there will be time for them to make bonuses. Now is not that time.

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