former Merril brokers to stay on board (bailout). I have a neighbor that was looking pretty sick for the past two weeks.
Found out last night he may be getting a $500,000 retention bonus to stay on board with BAC!!!!!
What crap, he peddled that toxic crap (loans) that got us into this mess and know he gets a BONUS!!!!!!
I am mader than Hell..........
I'm getting ready for my retention bonus...
Stop crying you losers, everyone needs to look in the mirror regarding this mess..
Gov't, Wall St., Regulators, and YES the idiots that are Alt-a, sub-prime loan holders.....
Why is your credit score below 500???
Because you are lazy, uneducated, and are looking for a hand out..
When did they install an ATM in your house?????
Cash out and your monthly paymnet goes lower???
ARE YOU THAT STUPID? Maybe your parents should be slapped across the face for raising you!!!
Try working on commission and not McDonald's lazy mf'ers
Given the choice my bet is BAC stockholders would prefer to drop the merril deal completely and keep the dividend without diluting the stock further rather than argue about "retention" bonuses. How many brokers are that valuable in this market where daresay job opportunities are shrinking?
I am a financial advisor with Merrill Lynch.
We didn't "peddle" any "toxic" loans to clients.
The loans we underwrote to our clients (I should know, I have done almost 200 of them these past few years) were very strictly reviewed. I have never had a client default that did a mortgage with me.
Our problem was the mortgages that our firm PURCHASED (completely separate department) - and subsequently re-sold to investors (mostly hedge funds and European institutions). When the appetite for these mortgages dried up, Merrill was stuck with them on our balance sheet.
I am not saying that Merrill Lynch didn't make any mistakes - we made several - and they almost caused the demise of our firm - but it is extremely inaccurate to blame the financial advisors, as we had nothing to do with it. Our side of the firm is the reason why we were acquired by Bank of America.
Imagine how you would feel if your net worth dropped 50-70% because of SOMEBODY ELSE at your company, and you couldn't do anything about it because you aren't allowed to sell your Merrill shares.
We deserve a retention bonus to say the least.
Are you not satisfied that you still keep your job? This is a travesty rewarding others with shareholder money. No one (even CEO) has the right to squander sharholder money and pay premium for a company that was going to sell at half the price a week later. Giving retention bonuses is adding insult to injury.