the next wall street jobs?
Deal Journal spoke with a Merrill Lynch banker this week. He was, as one might expect given this month’s events, scoping the exits. “So are many others here,” he assured us.
We have no doubt. As much as Wall Street bonuses were down, some aren’t satisfied. Like, for instance, President Obama, who objected today to Wall Street’s $20 billion bonus payments “at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them… that is the height of irresponsibility. It is shameful.”
There are few places a resentful investment banker can take refuge. When former Merrill Lynch Chief Executive John Thain defended his former firm’s bonuses this week–saying “If you don’t pay your best people, you will destroy your franchise” and they’ll go elsewhere–opinionatrix Maureen Dowd scoffed, “Hello? They destroyed the franchise. Let’s call their bluff. Let’s see what a great job market it is for the geniuses of capitalism who lost $15 billion in three months and helped usher in socialism.”