Wall Street pay, bonuses to plummet this year

[sinkingfeeling]

http://bottomline.msnbc.msn.com/_news/2011/11/28/9069505-wall-street-pay-bonuses-to-plummet-this-year

Year-end bonuses, a much beloved perk for many Wall Street employees, are expected to plummet by as much as 40 percent, according to a study by executive search firm Options Group in the Wall Street Journal Monday.

Annual compensation for workers at Wall Street firms could dip by 27 percent to 30 percent, and the areas that will see the biggest drops include currencies, commodities and bond trading, the study showed.

The drop in pay for employees isn’t a function of an industry that’s realized obscene payouts aren’t a good move in the face of public outrage, including Occupy Wall Street’s efforts, said Alastair Smith, a professor of politics at New York University and author of “The Dictator’s Handbook: Why Bad Behavior is Almost Always Good Politics.”

“It’s exactly the opposite,” he said. “The simple problem is companies haven’t made as much money and that’s the simple reason why they’re not providing big bonuses.”

[doc03]

1. Oh the poor things I really feel sorry for them n/t

[Vincardog]

2. After the pigs eat everything else, the really big pigs eat the little ones

[Warpy]

3. Once you've efficiently strip mined an entire country, there's little left to do

except transfer the loot among the few hands grasping it and hope that enough accounting tricks give them the illusion that it's still growing.

Low bonuses this year, massive unemployment next year.

[Prometheus Bound]

4. I guess they'll be lucky to have jobs in a couple of months.

Their world is coming to an end, and it's pretty scary for everyone.

[Ghost Dog]

7. Shit. What happens when they can't afford any more Coke

nor Money Screens either and Reality seeps into their hungry, greedy, thoroughly addicted and fucked-up collective cerebella?

Yet more scams, for most, who've no idea what the phrase 'an honest day's work' means, I guess.

[Prometheus Bound]

8. I know indirectly some in my city renting US$12,000 a month apartments.

And I really want to ask them why not get a place for $2-3,000 and put the money away somewhere secure in case things go badly. But they have to keep up appearances I guess. I know one who lost his job and had to head back home to Australia with his family a few months ago. I don't know if his $12,000 lease was up or not.

I've seen so many come and go, and they always spend like it's going to last forever. In the end they don't do anything useful, so when things get tough, out they go.

[Donnachaidh]

5. 40%? Not.Fucking.ENOUGH.

That still means they get close to two-thirds of what they got last year.

[_eh]

6. So...they'll only be getting seven figures instead of eight?

:nopity:

[Paper Roses]

9. Hearts & Flowers. n/t