Typically, these notes (also frequently referred to as Employee Forgivable Loans or EFLs) are bastardized versions of bonuses but for the fact that the employer firm pointedly takes exception to characterizing the payments as fully earned bonuses and is typically meticulous to draft the written documentation as a loan supported by promissory notes that are forgiven on anniversaries of employment.

FORBES: Employee Loses But Sort Of Wins Twilight Zone Promissory Note Arbitration Against Citigroup And Morgan Stanley

" Marshall of Finansa notes: "On the negative side, I think the handling of the non-performing loan crisis could have been handled more effectively.

CNN: Taking the Heat