City Expects Wall Street Bonuses To Plunge Over 50 Percent
5ler&Tone via flickr.
Hold on to your hats, ladies and gentlemen, Wall Street bonuses are headed for an epochal fall. According to estimates from the city Comptroller’s office provided to The Observer today, year-end bonuses will total $14.5 billion for 2008, an over 50 percent drop from 2007, when $28.9 billion was paid out to Wall Streeters.
Of course, the figures are merely an estimate for now, but the low projection jibes with the bleak year in finance, one that saw the collapse of the financial sector and the dissolution of two of the biggest investment houses: Bear Stearns and Lehman Brothers.
The reduced bonuses will affect everything from luxury retail to top apartment trades. Expect a much quieter 2009.
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With Wall Street needing a $300 Billion bailout because so many idiots on Wall Street and related finance areas showed either unbelievable stupidy or gross mismanagement, or worse, super and overt dishonesty, why should they enjoy one dime when these bonuses (in large part) came from this initial $300 billion Fed Gov financial bailout, which could go much higher.
These persons are "pigs" and desireve zip. where is it said that for failure, one gets a large bonus each year.
Remember, other than on Wall Street or London, most persons, even those educated with good jobs don't make $300,000, $500,000 or more per year;
yet this seems to be basic yearly income for many on Wall street and related finance areas. Comeon folks, let's take part in the dishonest money grab called Wall Street.
With Wall Street needing a $300 Billion bailout because so many idiots on Wall Street and related finance areas showed either unbelievable stupidy or gross mismanagement, or worse, super and overt dishonesty, why should they enjoy one dime when these bonuses (in large part) came from this initial $300 billion Fed Gov financial bailout, which could go much higher.
These persons are "pigs" and desireve zip. where is it said that for failure, one gets a large bonus each year.
Remember, other than on Wall Street or London, most persons, even those educated with good jobs don't make $300,000, $500,000 or more per year;
yet this seems to be basic yearly income for many on Wall street and related finance areas. Comeon folks, let's take part in the dishonest money grab called Wall Street.
Sounds great but what do you suggest doing about it? It's the biggest scam in the history of capitalism and no one does anything about it.