NEW YORK – Wall Street bonuses for 2010 will larger than any other year in its history.
Unemployment is at 9.8%. Foreclosures keep rising. Americans are suffering, but… Wall Street is having a big party!!!
Two years after the global financial crisis that threatened to destroy the banking industry, Wall Street bonuses have hit a record high. According to The Wall Street Journal, employees at America’s biggest banks are set to reward themselves with $144 billion in compensation and benefits this year — a 4 percent increase over last year’s record haul. The hefty bonuses come as many industries continue to struggle in the face of difficult economic conditions and the jobless rate holds steady at 9.6 percent.
The average Wall Street trader will receive a $1 million dollar bonus when 2010 winds down. ”That’s the low-end, for the new kids just out of Harvard and Yale, the senior partners will be making many times that in bonuses,” said Tyler Hartmann of Goldman Sachs.
Main Street folks will be outraged when they learn that the ”banks who survived the financial crisis due to taxpayer largess” are thriving, while the taxpayers themselves continue to struggle with the impact of the recession. The president “wimped out” when it came to reining these banks in. Now, shareholders must do the decent thing and “push for real reform.”
The average trader at a major bank that received bail-out money will receive a $500,000 bonus for 2010.
Large banks need “top talent to stay with them,” said Tom Caglione of MoneyTalk, and that means big bonuses. Besides, it’s not as if Wall Street isn’t working hard. Thanks to the financial sector, the Dow Jones industrial average has recovered and is flying high. “Hate the idea of fat cats on Wall Street all you want, but take a look at your portfolio before you pass judgement.”
Hartmann said that the public shouldn’t get mad at Goldman Sachs, “Look, the fact is that Wall Street people are smarter and better than the average American, so we deserve bigger bonuses. You think we should give bonuses to janitors at elementary schools? I mean, come on?”
Profit-wise 2010 has been a dud” for Wall Street, but the banks still need to pay out large bonuses. ”We have to keep good people and good people need a lot of money so that they can keep us making money off the bad people. There’s only so many good people in the world,” said Tom Westergaard of Chase Bank.