From The Rumor Bag: Zero Bonus For CIT Employees
Courtesy of Tyler Durden
John Thain is already working his interior management magic. The word “out there” is that all non top level CIT employees (who will at best get a little restricted stock with 3 year vesting) will get exactly zero bonus for 2009. Probably to be expected for a firm that was only not bailed out but also went bankrupt, yet pulled a Detroit UAW and emerged in about a month. It remains to be seen if the money thus retained will go toward the purchase of arcane $100,000 toilet and lounging paraphernalia for Thain’s office, or changing that idiotic night club lighting at CIT’s 5th Avenue lobby. It is also unknown if under Thain’s recent guidance, CIT has managed to invest (and lose) several billion in blown up basis and HVOL trades. It is certainly unknown when and if Bank of America will acquire CIT, under the stern “guidance” of Ben Bernanke.