Neuvěřitelné.. nebo počkat, možná vysvětlitelné

Merill Lynch, firma která soustavně prodělávala celý rok 2008, bez ohledu na své výsledky rozdala zaměstnancům na 20 miliard dolarů na bonusech, a pětinu této částky nestandardně o měsíc dříve, těsně před svým prodejem BoA. Detaily článek z FT.com:

Merrill delivered bonuses before BofA deal

By Greg Farrell and Julie MacIntosh in New York

Published: January 21 2009 23:52 | Last updated: January 21 2009 23:52

Merrill Lynch took the unusual step of accelerating bonus payments by a month last year, doling out billions of dollars to employees just three days before the closing of its sale to Bank of America.

The timing is notable because the money was paid as Merrill’s losses were mounting and Ken Lewis, BofA’s chief executive, was seeking additional funds from the government’s troubled asset recovery programme to help close the deal.

Merrill and BofA shareholders voted to approve the takeover on December 5. Three days later, Merrill’s compensation committee approved the bonuses, which were paid on December 29. In past years, Merrill had paid bonuses later – usually late January or early February, according to company officials.

Within days of the compensation committee meeting, BofA officials said they became aware that Merrill’s fourth-quarter losses would be greater than expected and began talks with the US Treasury on securing additional Tarp money.

Last week, BofA said it would be receiving $20bn in Tarp money, in addition to the $25bn that had been earmarked for it and Merrill last year. It was then revealed that Merrill had suffered a $21.5bn operating loss in the fourth quarter.

Despite the magnitude of the losses, Merrill had set aside $15bn for 2008 compensation, a sum that was only 6 per cent lower than the total in 2007, when the investment bank’s losses were smaller.

The bulk of $15bn in compensation was paid out as salary and benefits throughout the course of the year. A person familiar with the matter estimated that about $3bn to $4bn was paid out in bonuses in December.

Nancy Bush, an analyst with NAB Research, described the size of the 2008 Merrill bonus payments as “ridiculous”.

BofA said: “Merrill Lynch was an independent company until January 1 2009. John Thain (Merrill’s chief executive) decided to pay year-end incentives in December as opposed to their normal date in January. BofA was informed of his decision.”

A source familiar with the matter says Mr Thain, in the weeks leading up to the December 8 compensation committee meeting, had been weighing the possibility of requesting a bonus of at least $10m for himself before ultimately deciding against such a move.

Jak je tohle možné? Odpověd lze možná najít v originální způsobu jakým se zaměstnanci v ML byli schopni bonusu domáhat:

Merrill Lynch Employee Shares Own Bonus With Office

By Pareene, 3:51 PM on Fri Jan 11 2008

CNBC's Charlie Gasparino just reported that a Merrill Lynch fixed income research employee, outraged at not receiving a bonus, shit all over the floor. A Merrill Lynch spokesperson claims it was merely "an accident in one of the stalls," though Dealbreaker has a slightly different and more terrifying verion of the story: "The way we first heard it is that a guy took a dump in the rest room, stomped in it, and then dragged it all over the place by walking around with it on his shoes." So it is the Wall Streeters doing that to our bar bathrooms every weekend. More gossipy, disgusting details welcome.

Firemní kultura Wall streetu? Není divu že bonusy radši vyplatili...