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.

One Response to “As It SHOULD Be”

1. Rob says:

   December 21, 2007 at 6:35 am

   Sorry, you lost me at the words “just $250,000”, Mrs Gates. 🙂