Wall Street bonuses up 17 percent

[kpete]

Source: Associated Press

Feb 23, 6:54 AM EST

DiNapoli: Wall Street bonuses up 17 percent

By MICHAEL GORMLEY
Associated Press Writer


ALBANY, N.Y. (AP) -- Wall Street bonuses were up 17 percent to over $20 billion in 2009, the year taxpayers bailed out the financial sector after its meltdown, New York state Comptroller Thomas DiNapoli said Tuesday.

Total compensation at the largest securities firms grew beyond that figure and profits could surpass what he calls an unprecedented $55 billion last year, DiNapoli said. That's nearly three times Wall Street's record increase, a rate of growth that is boosted in part by the record losses in 2008 of nearly $43 billion, the Democrat said.

"Wall Street is vital to New York's economy, and the dollars generated by the industry help the state's bottom line," said DiNapoli. "But for most Americans, these huge bonuses are a bitter pill and hard to comprehend. ... Taxpayers bailed them out, and now they're back making money while many New York families are still struggling to make ends meet."

DiNapoli supports reforms that require Wall Street bonuses to be tied to long-term profitability, to force more stability in the volatile markets and "make sure the securities industry thrives without driving the rest of us out on a fragile economic limb."

Read more: http://hosted.ap.org/dynamic/stories/U/US_WALL_STREET_BONUSES?SITE=MOSTP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2010-02-23-06-53-30

[HillbillyBob]

1. How Nice for 'youse' . . those gated communities are not bunkers you know.

:mad:

[tomm2thumbs]

2. and no one deserves it more

if it weren't for them, the little bread crumbs the rest of us get wouldn't fall from the table, so we should be indebted to their largess and willingness to brush off their fancy tablecloth so the rest of us little people can have a morsel or two.

besides, I've grown accustomed to stale bread crumbs now and I would hate to see them stop now that I have acquired a taste

[mbperrin]

3. What's killing this country? Resources on businesses that produce nothing

real, resources on people who do nothing real, corruption, waste, all at the highest corporate levels.

Preaching to the choir here, I know.

I hope these "people" get everything they deserve in the most cosmic of senses. But could it be soon?

[pansypoo53219]

4. READ kevin phillips book-american theocracy

we are now spain in the 1500's.

[benld74]

5. AND people were BITCHING about the 1.2 % Federal Raise this year - HAH!

[Turbineguy]

6. Should be one headline

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4279810

[1776Forever]

7. And then we have this little tidbit - The Haves are partying while the Have Not's eat cake:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7775420

[SOS]

8. How to get rich - Wall Street style:

Profit:
Borrow $100 billion at 0.75%.
Next day, buy Treasury bonds that pay 3.8%.
After 12 months book $3 billion as profit.
Pay yourself half as a bonus for being so smart.

Loss:
Use the absurd Financial Accounting Standards Board rules to hide your trillions of dollars in losses.

Getting rich is easy!

(Accounting tip: When purchasing Senators, file under "petty cash")

[Arctic Dave]

9. I have a suggestion but I would get in trouble for it.

[OhioChick]

10. I hear you n/t