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Good Riddance, Stop yer Whining, Ken.

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April 29, 2009 – Comments (6)

April 29 (Bloomberg) -- John Mack and Kenneth Lewis, the chief executive officers of Morgan Stanley and Bank of America Corp., said pay limits tied to federal rescue funds have prompted some executives to leave the firms.

“I had a hedge fund say to me, ‘I can hire anyone I want from you and Goldman,’” Mack, said at the firm’s annual meeting today, referring to rival Goldman Sachs Group Inc. Some units lost a dozen people, he said, without identifying them. Lewis, speaking at his annual shareholder gathering, also blamed the restrictions for departures.

“We have lost strong revenue-generators over the past three months to competitors that are not facing the same compensation restrictions that we are,” Lewis said today.

Boo friggity hoo. You ruin your business by hiring these "revenue generators," to the point where the taxpayers have to pick up the pieces, guess what, there are going to be restrictions. There should be restrictions. If that sends these guys elsewhere, boo friggity hoo. When you make yourself a public ward, you get to play by new rules.

Sj

6 Comments – Post Your Own

#1) On April 29, 2009 at 11:52 AM, dudemonkey (38.89) wrote:

I don't see them whining about zero percent, multi-billion dollar loans that are not available to healthy banks.

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#2) On April 29, 2009 at 12:00 PM, TeeJ911 (< 20) wrote:

My only concern for the employees that leave to go to another firm or bank.....where are they going so I know where the next bail out is going to be at?

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#3) On April 29, 2009 at 12:22 PM, blake303 (29.24) wrote:

If the competition is that well capitalized, can we let them fail now?

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#4) On April 29, 2009 at 1:04 PM, A6EIntruder (< 20) wrote:

Revenue generators? Really?

My thesis is that they are actually Manchurian Candidates who will bore into the competition from within and then explode.

(To the hiring managers who took these people on: I'd look for suspicious wires coming from the base of the neck, or ticking sounds. Also, do they make eye contact? Have permanently glassy-eyed stares?) 

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#5) On April 29, 2009 at 2:01 PM, Eudemonic (64.53) wrote:

Notice Lewis called them 'revenue generators' and not 'earnings generators'. Enron generated 'revenue' all over the place, but not a dime turned into earnings.  

 

 

 

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#6) On April 29, 2009 at 3:21 PM, TMFBent (99.81) wrote:

I don't know if Lewis knows revenue from earnings.

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