The Coalition of the Swilling

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December 20, 2007

As It SHOULD Be

...and so seldom never seems to.

Bear Stearns (BSC, news, msgs) has reported its first quarterly loss in the company's history.

The financial-services company this morning reported a loss of $854 million, or $6.90 per share in its fiscal fourth quarter. The company had earned $563 million, or $4 per share, in profit in the same quarter last year. Analysts had been looking for a loss of $1.67 per share.

..."We are obviously upset with our 2007 results," Chief Executive Jimmy Cayne said in a press release. "When Bear Stearns became a public company . . . we designed our executive compensation programs to pay for performance. In a year in which we produced unacceptable results, the plans are working as they were designed -- and the members of the executive committee will not receive any bonuses for 2007."

And that's gotta hurt...

Last year, Cayne got a base salary of just $250,000;his 2006 bonus, on the other hand,

added up to $33.6 million.

Posted by tree hugging sister at December 20, 2007 09:53 AM

Comments

Posted by: Rob at December 21, 2007 06:35 AM