Wall Street Pay Broke Record Last Year...USA! USA! USA! USA! USA! USA! USA! USA! US...fucking...A.

[Amerigo Vespucci]

Wall Street Pay Broke Record Last Year

The Huffington Post William Alden First Posted: 02/ 2/11 09:45 AM Updated: 02/ 2/11 09:51 AM

http://www.huffingtonpost.com/2011/02/02/wall-street-pay_n_817373.html

Even as the real economy limped, financial firms paid employees a record sum last year, the Wall Street Journal reports. In 2009, the last full year data are available, average wages for Americans fell 1.5 percent from the previous year.

Total pay at Wall Street firms rose 5.7 percent in 2010, as the 25 companies that have already reported results shelled out a record $135 billion. Even as regulators pressured firms to alter compensation, prominent executives got big pay bumps, seeming to suggest that the former Wall Street culture has emerged virtually unscathed from the recession.

In the years leading up to the financial crisis, executives got bonuses based on their companies' short-term performance, a phenomenon that experts say encouraged excessively risky behavior. When lawmakers drafted regulations for the financial sector, executive compensation became a crucial subject for reform. The stimulus act, passed in early 2009, contained rules limiting pay.

But those rules have not worked, according to a December report from the Council of Institutional Investors. While some firms did decrease bonuses, they also raised base salaries to compensate. Even the new forms of pay -- such as restricted stock, designed to align executives' interests with those of shareholders -- don't effectively curb dangerous risk, the report found.

[SpiralHawk]

1. "Smirk." - RepubliCorporatistas (R)

"Too bad (smirk) about you little people (smirk). We are just like, totally, filled with konservative kompassion (smirk)."

- RepubliCorporatistas (R)

[GiveMeFreedom]

11. This picture is incorrect,

Where is the bonus boner rising up from his corporate crotch? I thought these assholes got woody's from raping the poor. :sarcasm:

[dkf]

2. They need to be paid based on a salary, not a bonus.

[Statistical]

10. Why? Why is $100 mill salary better than $20 mill salary + $80 mil bonus.

Does this salary only compensation apply to everyone.
No pay for performance? No commission based compensation?

Congress shouldn't be deciding how employees should be paid. Simply make tax system more progressive. It currently maxes out a $300K. Add another bracket at $1 mil, another one at $10mil, another one at $100 mil.

Make the curve steeper.

[Brickbat]

3. Those are those rich people who create jobses!11!!! THEY BUY SERVICESES!!!1!1!!!!!

Don't anger themmmmm!!!!!!!!!!!!1!!!!1!1!!!!!!!!!!!!!!!

[Octafish]

4. Trickle Down

Trickled On:

Know your BFEE: Goldmine Sacked or The Best Way to Rob a Bank Is to Own One

[SpiralHawk]

7. "Trickle trickle, little proles (smirk)." - RepubliCorp

[HCE SuiGeneris]

12. Nothing like a warm shower....

to feel all refreshed.

Thanks for the link. Definitely bookmarked it to go through in more detail.

[somone]

5. Well, they worked hard

[panzerfaust]

6. Yep. I am trotting out THAT sad poster once again

[OhioChick]

8. Greedy bastards n/t

[Earth Bound Misfit]

9. The Goldman Gang thanks you.