Politics

Greedwashing on Wall Street

By Mary Bottari

All eyes are on Wall Street this week as the big banks get ready to report their earnings and bonuses. Rebounding banks are preparing to pay out bonuses that rival those of the pre-crisis boom years.

During the first nine months of 2009, five of the largest banks that received federal aid ? Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley ? together set aside about $90 billion for compensation.

To avoid pitchforks and public outrage, most banks are tamping down on the cash payouts and beefing up long-term stock options. One bank is taking an even more novel approach. Dare we call it greedwashing?

read more

Full post as published by PR Watch on January 11, 2010 (boomark / email).