Wall Street Bonuses Rise as Big 3 May Pay $30 Billion »
Posted By tehranchik 3 months ago in Business & Finance
The firms -- the three biggest banks to exit the Troubled Asset Relief Program -- will hand out $29.7 billion in bonuses, according to analysts’ estimates. That’s up 60 percent from last year and more than the previous high of $26.8 billion in 2007. The money, split among 119,000 employees, equals $250,400 each, almost five times the $50,303 median household income in the U.S. last year, data compiled by Bloomberg show.
The three will award more in stock and defer more cash payments under pressure from regulators to tie pay to long-term results, compensation experts said. They may still face public wrath over the size of bonuses after the government injected capital into all the major financial institutions following Lehman Brothers Holdings Inc.’s collapse in September 2008.
“Wall Street is beginning to resemble Clark Gable as Rhett Butler in the film ‘Gone With the Wind’: ‘Quite frankly, my dear, I don’t give a damn,’” Paul Hodgson, a senior research associate on compensation at the Portland, Maine-based Corporate Library, said in an e-mail. “It doesn’t seem as if even political threat, disastrous PR, envy, rising unemployment rates and home repossessions is enough to get any of these people to refuse the bonuses they have ‘earned.’”
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tehranchik
Well, I'm from and live in the Pacific Northwest. I did live in the middle east during the late 70's and early 80 ...
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CHAM3 months ago
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Great Post Tehranchik.
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There is no end to the greed of the people who took our money against our will. And they do it without shame because they have no shame.
Join me people - Never again
A Firm too big to fail is too big to exist.
If we people ever get smart enough to shuck our Party Loyalty and get rid of the corruption in Washington, maybe we can put a stop to this criminal activity.
Republicans need to turn against their Party that brought on this mess and Democrats need to turn against their Party for continuing the rape of the taxpayer.
There are Independent Parties you know.
Until the Two Headed Monster in Washington is removed completely nothing will change. Bringing back the Republicans to replace the Democrats is sheer insanity. Continuing to elect Democrats is sheer insanity.
I was a lifelong Republican but I will never ever vote for a Republican candidate again. Ok Democrats and Republicans take that oath and live by it.
Let us select an Independent Party and get as many of the other 135 Independent Parties to join in to form a Coalition of Independents.
This is a way to get the Two Headed Monster out of our lives. All we have to do - is do it. -
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rightfromwrong3 months ago
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this is disgusting and totally absurd. As far as I am concerned these people should be lynched but before that they should take every nickle from them...put their families on the breadlines like so many middle class Americans now are.
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