Finally Cannibal Planet is mainstream!

I don't know how long it will last, but I think at least I can take a hiatus in comfort for a bit. Dozens of major media from the NYTimes to the Washington Post, from CNN to the Daily Show are exploring the ideas I've been discussing on my blog for the past year. Don't know if anything will come of it. Wall Street has reduced the typical bonuses, but they aren't giving them up anytime soon. The culture of excess runs deep there:

Of course, many Wall Street employees never expected the good times to end. They lived large, believing bonuses would always arrive, so they are ill prepared, both emotionally and financially, to cope with a sudden drop in income.

“Without a doubt, $18 billion is a lot of money, but it’s a drop in the bucket on Wall Street,” said Gustavo Dolfino, president of the WhiteRock Group, a headhunter for the banks. “These bonuses are down, and the salaries are not enough for these people. They can’t live on $150 to $180,000, so they haven’t saved any money. They put it on credit lines and at bonus time, they thought they’d pay it off.”

I shed a tear for these guys and gals...no that's just dust in my eye.

Just Let It Bleed.

Merrill Lynch goes into the toilet CEO hands out $4 billion in bonus

It has been a while. What can I say? The extremely wealthy are continuing to eat the assets of our country. This little tid bit landed in my lap while I'm down with the flu.

Bank of America had said the payment of $4 billion in compensation in a fourth quarter in which Merrill suffered $15 billion in losses was sanctioned by John Thain, Merrill's chief executive.

This is the very same Thain that "spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000."

Current prices for MER are around $10 down from around $60 a share a year ago and a peak of almost $100 a share as recently as 2007.

This led me to another article:
$50 billion of bailout going to employee bonuses

You pissed yet?

Check this out
Peter Kraus worked hard in the three months he spent at Merrill Lynch this fall — and the $25 million in bonus cash he earned for his troubles was just enough to allow him to afford to buy Carl and Barbaralee Spielvogel's apartment at 720 Park for $36.63 million, twice what they paid for it two years ago.