When All Else Is Out of Bounds, Zap Labor
From Nixon’s wage controls to today’s interest rate hikes, the fight against inflation has targeted labor.
In the second quarter, Morgan Stanley lost $1.26 billion. However, it managed to set aside $3.9 billion for bonuses during that time. In fact, despite 3 straight quarters of losses, it has set aside over $6 billion for bonuses. Looks like they're going to need another bailout soon.
From the Washington Post:
Rest of the story is here.