The following is a post from the Motley Fool Editor's blog. You can see all the posts by clicking here.
In the land of vampire squids doing God's work and bonuses so EXTREME!!! that Mountain Dew takes notice, Streeters finally seem to be doing something right.
CNNMoney reports that many Wall Street banks are foregoing holiday parties this year. I don't begrudge a company its holiday party -- especially since apparently 81% of companies are planning to throw one in this down year.
However, it's a very good move. Can you imagine how quickly any extra-exuberant holiday partying at Goldman Sachs
Example 1: A Morgan Stanley spokesperson said the company plans on giving the money that would have been allocated for a party to a yet-to-be-determined charity.
This is a great Catch 22 situation ... I hope hope hope it slips out how much money they give ... if it's a ton, they'll be taken to task for how expensive their holiday parties usually are. If it's not much, people will either say they aren't generous or that they're sandbagging the party costs.
Example 2: Bank of America
I wish B of A's spokesman would just come out and say it: "Well, we don't usually like our employees helping those less fortunate, but it is the holidays and we want to look good, so we told them to feel free to organize a donation to a local charity. Just don't come to my desk."
Example 3: And if reports about rival JPMorgan Chase
So JPMorgan is essentially dancing on Bear Stearns' grave. Now that's an image.
Anything I missed? Let me know in the comments section below.
Anand Chokkavelu owns shares of Citigroup but no other stock mentioned in this article. You can follow him on twitter. Amazon.com is a Motley Fool Stock Advisor recommendation.The Fool has a disclosure policy.