A Little Lesson in How to Destroy an Economy
Well, if this isn't the perfect parable of the current state of our economy and how it got that way:
"Lazard bonuses so big, they turned 4Q into a loss
What should have been a profitable quarter at Lazard Ltd. turned into a surprising loss due to the investment bank paying its people big bonuses.
The firm doled out $616 million in compensation and benefits to about 2,300 employees last quarter, or more than triple the amount handed out in the same period in 2008... so great was the firm's generosity that compensation costs overwhelmed quarterly revenues and resulted in a net loss of about $55 million for the fourth quarter. The charges also almost wiped out full-year profits."
"Generosity." I've got news for whoever wrote this article. It's not called generosity when you give it to yourself. It's called plunder.
And apply this strategy on a national scale, and there is another name for it- Republican economic theory.
"Lazard bonuses so big, they turned 4Q into a loss
What should have been a profitable quarter at Lazard Ltd. turned into a surprising loss due to the investment bank paying its people big bonuses.
The firm doled out $616 million in compensation and benefits to about 2,300 employees last quarter, or more than triple the amount handed out in the same period in 2008... so great was the firm's generosity that compensation costs overwhelmed quarterly revenues and resulted in a net loss of about $55 million for the fourth quarter. The charges also almost wiped out full-year profits."
"Generosity." I've got news for whoever wrote this article. It's not called generosity when you give it to yourself. It's called plunder.
And apply this strategy on a national scale, and there is another name for it- Republican economic theory.
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