No, it’s not “creative destruction” either… It is a really mean version of economic Darwinism as preached and practiced by a pathologically moneyeyed executive nomenclature. I found the article below after reading today’s news about Bear Stearns:
“Wall Street’s five biggest firms together paid a record $39 billion in bonuses [for 2007], even though three of them suffered the worst quarterly losses in their history and shareholders lost more than $80 billion.
Goldman Sachs Group, Morgan Stanley, Merrill Lynch, Lehman Brothers Holdings and Bear Stearns together paid $65.6 billion in compensation and benefits last year to their 186,000 employees. Year-end bonuses usually account for 60 percent of the total, meaning bonuses exceeded the $36 billion distributed in 2006 when the industry reported all-time high profits.
The bonuses are larger than the gross domestic products of Sri Lanka, Lebanon or Bulgaria.”
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