Bankers Took Home Billions While Wall Street Burned
If you're in a good mood, you may just want to skip this bit of news from The New York Times: "Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York collected an estimated $184 billion in bonuses for the year" Update.
If you’re in a good mood, you may just want to skip this bit of news from The New York Times: “Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.”
No word yet on whether that money came from the taxpayers, but get your pitchforks ready just in case.
What does a banker have to do to not earn a bonus?
Update: The president isn’t happy:
Rock Solid JournalismNew York Times:
By almost any measure, 2008 was a complete disaster for Wall Street — except, that is, when the bonuses arrived.
Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.
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Experts suggest there's no better time to be a top-level corporate executive as the median income of CEOs of S&P 500 companies reached $10.1 million at the end of 2013.
Bonuses on Wall Street jumped 15 percent in 2013, while record numbers of New Yorkers poured into homeless shelters.
Jack Lew is a liberal who worked for Speaker Tip O'Neill and studied under beloved progressive Sen Paul Wellstone, but he was also the chief operating officer of a Citigroup unit and doesn't fault deregulation for the shoddy economy (more)Jack Lew is a liberal who worked for Speaker Tip O'Neill and studied under beloved progressive Sen.
The United Auto Workers and GM announced late Friday that after more than seven weeks of negotiations the two had agreed on a four-year contract that included new jobs, improved profit-sharing and better health care benefits.
Even Wall Street executives have to be smacking their heads over this one The company that ran the Deepwater Horizon oil rig (before it exploded, killing 11 and filling the Gulf of Mexico with oil) has decided to give its executives bonuses for achieving "the best year in safety performance in our company's history" There are no words .
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