Morgan-Citi favors 'awards' over bonuses
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#1 Feb 22, 2009
What about upfront money? When a broker leaves to go to another firm they receive up front money. The nicer name for this is forgiveable loan. I am currently hearing rumors that brokers are receiving up to 300% up front money to go to a certain TARP institution. I don't know what all the firms are paying but I am hearing rumors from friends in the institutions that they can get 200-300%. What I understand this to mean is that if they receive 300% up front money and produced 1,000,000 in commissions they will receive a loan of 3,000,000 which becomes forgiveable over time(usually 7 years). I think this is unforgiveable and I wish the media would do some investigation into this. Is it ethical for brokers to be doing this even though they are signing legal contracts?
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