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A former Bear Stearns banker is suing his former firm and its new owners, JP Morgan Chase, for a bonus he feels is owed to him despite the firm's collapse last year. Now that the storm has settled over bonuses going out to employees of failed Wall Street giants, Gary Reback is suing for $2 million in bonus money and in additional $1.1 million for a severance offer he says was inexplicably pulled off the table in the eleventh hour. The Scarsdale man was one of the top twenty highest paid employees at Bear in 2007, when he earned a bonus of $4 million. His lawyer told the Post, "Gary had nothing to do with losses. He traded different products completely outside the subprime-mortgage mess. They offered him a severance and now they're reneging—it's shocking, bad faith behavior."
Bear Stearns Big Shot Suing To Become Despised Bonus Baby
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Another case of sudden jihad:
http://www.nypost.com/p/news/local/student_kills_prof_nGgR2x0Omat9UDx4
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What happened to that world's smallest violin that I lent to someone here on this forum?
Time to sell the house in Scarsdale and move back to a one bedroom in the Bronx.
Enough, you worked for a failed company.
What's "shocking" is this a**hole's sense of entitlement.
Why is the asshole's sense of entitlement shocking? It's a requirement to becoming an investment banker. I work with a bunch of these assholes. Even as things have turned out, they still don't think they did anything wrong. Why do I stay here? I need the paycheck. No, I'm not a banker, just work at a bank.
Annual salary of $250,000 then a BONUS OF $4 million. $250,000 is cash change especially living in Scarsdale.
Here's hoping he will also be assessed for all court costs and lawyer fees and have to pay that out of pocket in addition to losing the case. Maybe the judge will toss him a fine for a frivolous lawsuit as well. Better yet, maybe he will be hit by a crosstown bus on the way to the trial. Yet another worthless POS who doesn't deserve the time of day let alone another red cent. Let him file for unemployment like the rest of the country.
Cry me a river... if you burned all the cash you should have saved then you're not a good banker :P
You guys are messed up this guy did not single handidly cause the crisis that we are in today I think he deserves his money. The government should give it to him. I mean what I am paying for everyone else's salaries with my tax dollars why not another corporate a**hole.
He worked for Bear Stearns! If your company fails, then heck no you don't get anything even if you didn't cause the failure. That's how working for a company works! If this cry baby wants his bonus, then he should also be required to put up money towards the billions of dollars JP Morgan Chase owes the govt. These bankers don't seem to understand this.
I agree with this. People chose to work at these big firms because it was a quick and safe path to wealth. The firms were established and had access to clients and capital and they operate in an oligopoly. And because they have multiple lines of business there is far less business risk to the employee in a normal year. If your division is down some other division is likely up.
It's too bad these firms went public. Maybe they would have been more prudent if it was still a partnership. Or this guy should have gone out and started his own firm if he wanted total control of his destiny. But that would entail risking his own neck and money and not someone else's.
I can tell you what his "bonus" should be - one last cigarette before being lined up against a wall along with all the other corporate capitalist scum. A bullet in the head is all they deserve.