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BONUSES….Robert Rubin has apparently told the Citigroup board that all of them should forego their bonuses this year. Ezra Klein asks, what bonuses?

Am I missing the point of bonuses? I always understood them to be tied to performance, either that of the individuals or that of the company. But the company almost went bankrupt this year and the executives demonstrated themselves almost cosmically hapless. If they were going to get bonuses, then what could the term possibly mean? Bonus for what? A working cardiovascular system?

Silly boy. You expect these titans of risk to take an actual risk with their own pay? That’s not how it works in corporate America. When the stock market is skyrocketing, everyone gets stock options. When it’s tanking, suddenly everyone gets religion and takes their comp in cash and perks. As for bonuses, the range of payout is almost never the theoretical 0-100%. In reality, it’s more like 70-95% for the range of reasonably conceivable outcomes. If your company goes completely bankrupt, that might go down to 60%. Welcome to Wall Street.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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