Bailed-out firms rename their cash bonuses as ‘retention awards.’

Thinkprogress:

The Huffington Post reports that bailed-out financial firms Morgan Stanley and Citigroup’s Smith Barney — which will soon merge — plan to reward their financial advisers with “very generous” cash bonuses. During an internal conference call last week, advisers were warned not to call the awards bonuses because it would cause a PR headache:

“There will be a retention award. Please do not call it a bonus,” said James Gorman, co-president of Morgan Stanley. “It is not a bonus. It is an award. And it recognizes the importance of keeping our team in place as we go through this integration.”