At banks, traders take losses for the team

We all have heard the stories of how some hedge funds hit grand slams by betting against subprime-related mortgages. The New York Post mentions John Paulson's $3 billion take. Wow! But the Post and Traders Monthly also mention that at top banks, a lot of traders also bet correctly but ended up with less in bonuses. The reason: Their banks struggled overall, and that forced some changes in the bonus structure. Normally, you keep a percentage of what you generate. However in these times, some traders, despite great performance, earned less. In essence, they took a bullet for the team.

For more:
- here's the Post article

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