This is a comment from a reader. It has been very slightly Xd out to protect identity, but I believe it deserves to be highlighted.
I came upon your blog yesterday thanks to the good folks at Huffington Post, and have been completely intrigued at what’s been written so far. In a former “life” (I am a stay at home dad now at age XX) I was a Vice President (for 1X years at the same Bank) in Incentive Compensation for one of the major Wall Street Banks that took TARP funds. My position involved financial modeling, creation of and maintaining an Incentive budget for the XXXXXXXXXXXX Incentive Program, and payout of the incentives. My position was downsized in 20XX after we bought another large bank (and their guys took over Retail, which spelled doom for a lot of us when they IMMEDIATELY implemented their Incentive Program). If the shareholders knew the waste I saw and the casual and flippant attitude at PAYING someone who CLEARLY didn’t deserve it (but was, because of the lawsuit threat). I tried in vain to stop this (and other) practices which I saw as not only wasteful, but immoral as well. It was practically legal theft, with SVP’s gladly participating to ensure that their people ALL get something, despite them not actually EARNING it.
Obviously, I am still under a gag order that I signed (in order to receive a most generous Severance) so I cannot go into detail here. If you ever wish to correspond by e-mail, I could let you know what went on during my time in Incentive Planning from 19XX-20XX; the last two years spent one level below SVP running the show on a day to day basis. When I just read this last post, I could swear that we probably worked for the same organization…unless these practices are incredibly widespread across various Wall St Banks.