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July 9, 2008

All Business: Wall Street CEOs should return bloated bonuses

  • Too bad it won't happen because the clawback provisions in their employment contracts don't require it.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — If Wall Street CEOs really want to revive their credibility, they should return the bloated bonuses they got when they made what eventually turned into wrongheaded bets on the mortgage market.

    We all know how that outsized risk-taking ultimately backfired for their firms. Record profits have turned into massive losses as financial companies worldwide have taken some $250 billion in write-downs due to their free-falling credit-related assets.


     
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