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October 6, 2011

For banks, it's ALWAYS all about the bonuses

I’ve been saying for years, “if you want to get to the bottom of who was doing what and who knew what when, follow the money.”  There is NOTHING more important than the bonus pool to bankers.  NOTHING.

We got another glimpse of that again today in an email used by the Feds in the suit against BONY-Mellon in the foreign exchange trading scandal/rip off: 

“The U.S. attorney complaint cites a 2004 BNY Mellon email in which an executive said the bank needed to protect the way it carried out the currency trades. ‘This is currently our revenue and it should remain so; we all understand how the bonus pool funds,’ the executive wrote.”

Read the full story here

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