Bonuses
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Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.
That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year......
......The industry's bonuses are larger than the gross domestic products of Sri Lanka, Lebanon or Bulgaria. The average $201,500 bonus is more than four times the $48,201 median household income in the U.S. last year, according to U.S. Census Bureau statistics......
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Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.
That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year......
......The industry's bonuses are larger than the gross domestic products of Sri Lanka, Lebanon or Bulgaria. The average $201,500 bonus is more than four times the $48,201 median household income in the U.S. last year, according to U.S. Census Bureau statistics......
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Comments
This is the black side of capitalism. Rats not producing a dang thing, gobbling up more money than they could reasonable spend.
These are not your typical corporations, or bonuses. How many of these guys are hedge fund managers that pay little to no taxes on that? It's a huge unearned loophole. The article also noted the fees for IPO's and mergers (private equity business), set records this year. I assume that is what the bonuses are for.
They could care less about your 401k and IRA's. That is why I go out of my way to avoid those shysters.