Bailed-out Merrill Lynch still puts on the Ritz for employees

[deminks]

Source: Orlando Sentinel

Even as it was lining up for $10 billion in government bailout money last fall, financial giant Merrill Lynch & Co. was sending employees on trips to the luxurious Ritz-Carlton Orlando.

Merrill and other financial-services companies have been frequent guests at Orlando-area resorts in recent years, business officials said. But while some curtailed their travel as the financial meltdown deepened last year, Merrill kept flying in employees from across the country.

"Some have completely canceled these kinds of programs, but Merrill is not one of them," said Rita Lambert, sales manager for Norman's at the Ritz-Carlton Orlando, Grande Lakes. She said Merrill employees stayed at the hotel throughout the fall into this year and often ate at the high-end restaurant.

Merrill officials would not comment on the trips other than to acknowledge two training seminars -- one last week and another in November -- that were bankrolled by business partners, including insurance companies and investment-management firms. Merrill would not identify the companies involved.

(snip)

Some former Merrill employees said they were stunned by the trips. In the past, Merrill would recognize top-selling executives at no-frills quarterly meetings, said Monica Schmieler, a retired broker and sales-support staffer who lives in Orlando.

"I used to go to those functions in the 1990s," she said. "And believe me ... I almost had to pack my own sandwich for it back then."


Read more: http://www.orlandosentinel.com/orl-merrill-lynch-ritz-carlton-orlando-022009,0,6966557.story?track=rss

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Sounds like the money party is still going on, only they have snookered "bizniz partners" to foot the bill.

[Common Sense Party]

1. Business partners have always footed the bill.

I've been in this industry for 15 years. Mutual fund companies and insurance (annuity) companies shell out mega bucks for swanky meetings to schmooze/woo salesman to push their particular funds or annuity product.

[Baby Snooks]

2. They're shooting the bird at the American people...

And doing so with the consent of Congress. Which also is shooting the bird at the American people which will most likely see little if any real benefit from the second phase of the Great Wall Street Ripoff.

[The Brethren]

3. I am so sick of this crap!!

And what makes even more disgusting is knowing which politicians supported the Wall Street scam.

And we'll probably hear members of our government give Merrill Lynch a verbal spanking over this news. But Merrill Lynch, like the other recipients, need to return the bailout money ASAP since they obviously don't need it. But that requires TPTB who gave them our money to make them pay it back....and not when Merrill Lynch gets around to it.



Know what you're paying for. The Stimulus Plan ("American Recovery and Reinvestment Act of 2009"): Orig. House version -- http://appropriations.house.gov/pdf/RecoveryBill01-15-09.pdf , House spreadsheet -- http://spreadsheets.google.com/ccc?key=pV-c6t5fOVmNorqMpHvnCMw ; Senate version -- http://appropriations.senate.gov/News/2009_02_02_The_American_Recovery_and_Reinvestment_Act_of_2009.pdf ; and Senate compromise -- http://www.govtrack.us/congress/billtext.xpd?bill=h111-1 , Text and $$$ details of Senate compromise -- http://appropriations.senate.gov/News/2009_02_08_UPDATED_Appropriations_Provisions_of_American_Recovery_and_Reinvestment_Act.pdf?CFID=4043629&CFTOKEN=40573040 . In addition to -- http://readthestimulus.org/amdth1.pdf , along with -- http://www.readthestimulus.org/ . Final version, Feb. 13th, 1500 pgs. worth -- http://www.whitehouse.gov/the_press_office/arra_public_review/ , more details on the final version -- http://www.taxpayer.net/resources.php?category=&type=Project&proj_id=1913&action=Headlines%20By%20TCS , including spending -- http://cbs4denver.com/national/Web.government.accountability.2.937188.html