Wall Street Pay: A Record $144 Billion

[kpete]

Source: Wall Street Journal

Wall Street Pay: A Record $144 Billion
Financial Overhaul Has Affected Structure but Not Level; Revenue-to-Compensation Ratio Stays Flat

BY LIZ RAPPAPORT, AARON LUCCHETTI AND STEPHEN GROCER

Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal.

About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.

Read more: http://online.wsj.com/article/SB10001424052748704518104575546542463746562.html

[Cal Carpenter]

1. And the rich get richer....

on the backs of 99% of the world.

How low can we go? How much longer until we call it what it is - CLASS WAR - and start fighting back?

[mediaman007]

2. That's my money!

I get crap on my investment, while the guy who runs the fund goes home with millions! They do nothing productive for society and want a 15% tax on their income.

They started this class warfare! Tax the sh*@ out of them!

[Wednesdays]

11. Exactly. I put $1000 into a mutual fund that was supposed to be for education

It was the Strong Growth fund, who beat their chests about being such a great investment vehicle for childrens' college expenses (only the child can withdraw the funds, when he/she turns 18)...the fund was touted as being one of the best performers of all mutual funds, so it was projected to be worth tens of thousands when our daughter got to college.

Well, that was in 1999...and we all know what happened to the market since then. Worse yet, Strong was rocked by major scandals in the mid-2000's, the fund manager resigned in disgrace, and Strong got taken over by Wells Fargo. After almost 11 years, that $1000 is now worth $890 (factor in inflation, and it's $679).

And they want to do the exact same thing with our Social Security money? :banghead:

[zeemike]

16. Like Seinfeld said....you just got fluctuated out of your money.

But that few hundred dollars you lost will be consumed at diner with a nice bottle of wine.

[defendandprotect]

50. Capitalists' objectives are quite different than stated .... !!! They should be in prison!!

[sasquuatch55]

22. Yes it is your (our) money!

nt

[Cassandra]

3. Talk about entitlements!

It amazes me that these idiots think they are doing something productive that "earns" them these bonuses.

[Turbineguy]

4. Money for nothing.

[mediaman007]

21. I bet that the chicks aren't free!

[DoctorK]

5. Why did the Democratic Congress

bail these clowns out?
Capitalism tried to eliminate the dross, and the government stepped in with promises to take money from us to save them.
I still don't know what the rationale was that sold the Democrats on supporting the bail out of Wall Street.
They're going to get Main Street's fury for this mistake

[October]

47. TARP was signed into law by GW Bush

[independent_voter]

56. senator obama voted for it nt

[Steerpike]

6. Haven't you guys heard?

We can't survive without them...

[SammyWinstonJack]

24. I'm willing to try, especially since many of us aren't surviving with them.

[Uben]

7. I'm a multi-millionaire investment counselor, and.....

I am you! I work hard for my bonus. I am required to travel all over the world, first class, of course, and I get to stay in 5-star hotels and eat gourmet foods. I meet with extremely wealthy people and tell them how to spend their money so they can become even richer. They appreciate it so much, they pay my company handsomely, and in turn, I get a healthy bonus of a few million. I help the little guy too. I tell him how to spend his money so the rich can stay wealthy. So you see, I really am you because we both just work to keep the rich richer. Ohhhh Joy!









/sarcasm

[Cal Carpenter]

9. I know a guy

A middle class guy, making probably $55k (not bad in this day and age! but not a 'first class' lifestyle) and he works for a big company and has to travel for work sometimes. Once in a great while he'll get bumped up to first class because of all his miles or however that works.

Anyway, he just went on a trip to Germany, and he got bumped to first class on an international flight which hasn't happened for him before. He couldn't believe how he was treated, like a fucking prince. Champagne as soon as he sat down, a really good meal.. The dessert options included a cheese tray and he said he mumbled something, half-joking, about how a glass of port wine would be great with the cheese and they actually had some and gave him a glass.

Now can you imagine what it'd be like to have that be *normal* for you? How fucked up! I mean, on some level this guy enjoyed his moment of royalty but he also couldn't believe how fucked up it was. I suppose if you are the type to pay full price for 1st class, you are the type to expect the best all the time and the airlines will kiss your ass to keep you spending you hard-earned (NOT!) money on them.

Anyway, your post reminded me of that. It's class war and 99% of us are losing because of obscenely wealthy leeches.

[glitch]

17. I witnessed two different airlines halt seating while drinks were served in first class.

In one case a woman holding a baby had to stand there, waiting to be allowed to pass to her seat because the flight attendant told her to stop while he served. There was no drink cart in the way either, the drinks were on a tray.

It's beyond ridiculous, humiliating on all sides. Most of the people in first class were embarassed to see it happen (but not all).

[LoKnLoD]

19. I got bumped to first class once

I got bumped to first class once on a flight from Hong Kong to Manila. The flight crew called me by my name, they actually knew the names of the people sitting in first class, hot towels, glasses of champagne when I sat down. Food served on real plates with real silverware. Must be nice, but I wouldn't want to pay the cost of that, first class tickets are ridiculously expensive.

[CatholicEdHead]

28. First Class would be a downgrade to these folks

They can charter private jets to fly them wherever and not hassle with the commercial airlines at all.

[maxsolomon]

46. i can imagine it

only because i've lucked out and been treated to a 5-star restaurant meal when i was 19 (the owner wanted to mate with my GF, probably). ever since i've had champagne taste on a Trader Joes budget.

[boomerbust]

8. Just heard on CNBC

Look for an uptick in stocks leading up to the election. Because? You guessed it, a big takeover by the Republican Party. Go figure.

[defendandprotect]

51. Means set up for a new right wing Wall Street scam ... anyone dumb enough to be back in this???

[krispos42]

10. One percent of the US economy is Wall Street executive paychecks.

Wow, that's sad.


And if Obama proposed increasing, say, NASA's budget to match that of Wall Street, he's be villified.


NASA's budget, I belive, is about one-eighth of Wall Street's executive paychecks.

[independent_voter]

43. and it's all borrowed from china

talk about the worst of all worlds

the average worker having to indebt himself to the communists, to give gifts to failed capitalists

[Beavker]

12. Why aren't the Dems ramming this home

I guess to some extent they are, but this should be thoughtfully and artfully used to link the Repugs to Wall Street and the Rich. Yes, I know. It's obvious. But too many of our narrow minded, under-educated, tea-bagging, moron neighbors still don't get it.

I am a pee-on in the Financial Services industry. I'm not a trader, but as a back office chimp I make decent money. I still go to bed a bit beleaguered and irritated being even a small, inconsequential part of this industry. But...I need the job. For now.

[independent_voter]

42. because the democrats were in on this every bit as much as the republicans

who do you think geithner works for?

he says he couldnt put stings on the money

ever get 5 bucks froma bank that didnt have strings?

[defendandprotect]

52. FED gave money out at 0% interest ... firms invested them in US gov't securities ...

at 3.5% and 4%+ .... !!!!

That's according to Sen. Bernie Sanders!!

[independent_voter]

55. that's been the fed's game from day one in 1913

charging the citizen interest on money it creates for free

one of the biggest thefts in history

[defendandprotect]

58. Certainly would agree that it's important to get rid of the FED ....

It's Congress which should be setting our economic guidelines, not the FED --

We elect Congress to do this -- it's political -- we elect Congress, not the FED!

We need economic democracy and we're not going to get it from the FED.

Right wingers in charge of FED since Reagan have expecially gained ground in doing

harm!!

[cilla4progress]

13. This is criminal

I would like to understand how anyone - esp. in the Obama admin. - can justify this (and yes, I do hold them accountable in part for obvious reasons). I read yesterday that several American economists are being considered for Nobels.

I feel like I have fallen through the Looking Glass.

[global1]

14. A 4% Increase For Them - And Those On Social Security Get Squat.......

no COLA now for at least two years. A sad commentary on life in America.

[SammyWinstonJack]

25. And Wall St is salivating over the prospect of OUR SS $$$ which they'll surely end up with.

Sooner rather than later, I'd imagine.

[SOS]

15. I want their deal

Let me borrow $1 billion from the Fed at 0.25%
Like the banks, I'll buy treasuries that pay 2.6%
Spread = 2.35%
Annual take = $23.5 million

I could live on that.
And they great thing is that you don't have to be smart or do any work!

[indepat]

18. Hear, hear

[DoctorK]

20. how would you fix it?

Would you prevent the Fed from printing money from thin air and loaning it out?
If you printed $100 in your house and loaned it you'd go to jail.

If the government wasn't borrowing (and thereby issuing bonds) there'd be no 'safe' return (your tax dollars).

A free market wouldn't create (or allow) this free ride that government run amok has.

[DallasNE]

23. How Many Jobs Did This $144 Billion Create?

I mean other than undocumented workers to maintain their mansions.

Who else is getting 4% increases these days. Certainly not Social Security recipients as they received no increase for 2010 and are set to receive no increase in 2011.

The reality is that these people are the poster boys for why the Bush tax cuts for the richest 2% should be allowed to expire. They take money out of the economy, making it all that much more difficult for the rest of us. They have no shame.

[Dreamer Tatum]

26. How many of them still owe money to the government?

If they don't owe, then who the hell cares?

[bullwinkle428]

27. I'm still waiting to get trickled on.

[independent_voter]

40. you've been trickled on since 1980

ever wonder where that smell was coming from?

[dkofos]

29. If this was taxed at 50% we could reduce the deficit by $72 billion.

[Judi Lynn]

30. US bankers set for record pay and bonuses for second year

Source: Guardian

US bankers set for record pay and bonuses for second year
Pay and bonuses at US banks and hedge funds are set to rise 4% this year – outpacing the growth in revenues – study finds
Edward Helmore in New York
guardian.co.uk, Tuesday 12 October 2010 18.18 BST

US bankers are set for record compensation for a second consecutive year, shattering both the illusion of pay-reform and the expectation that bank bonuses would be tempered while the US economy remains weak.

With third-quarter figures from JP Morgan expected to begin a bumper profit reporting season tomorrow, a study of more than three dozen banks, hedge funds, money-management and securities firms estimates they will pay $144bn (£90bn) in salary and benefits this year, a 4% increase on 2009.

The research, by the Wall Street Journal, found pay was rising faster than revenue, which gained 3% to $433bn, despite a slowdown in stock trading.

And while profits have fallen from their 2007 peak, the percentage directed to compensation has increased by 23%.

Read more: http://www.guardian.co.uk/business/2010/oct/12/us-bankers-record-pay-bonuses

[Demeter]

31. Their mothers and fathers must be so proud

[valerief]

32. Well, they've EARNED it, dahhhhling. Not like 20% of Americans groveling for crumbs.

Welfare weasels. Don't they realize they're just property to be used for People Who Matter?

:sarcasm:

[xchrom]

33. All that compensation is whole bunch of other folks jobs.

Thanks banisters and financialists for nothing.

[independent_voter]

36. thank geithner while you're at it

they couldnt have done it without him

[independent_voter]

34. why shouldnt they, they've had a great 2 years

at your expense

[independent_voter]

35. The combination of TARP & H-1b visa proved that some classes always win & other classes always lose

get a good education, work endless overtime, play by the rules, improve your skills and succeed at countless projects that save the day and make you finally win fair and quare? doesn't matter

go to biz school, make reckeless decisions that bring down your firm, your industry and the economy? doesn't matter

in the first scenero, a flood of H-1bs was the 'do over' to rob success from those who had earned it, in the second case someone who completely blew gets the TARP 'do over' it still ends up with massive bonusses (700k average at goldman sachs)

the result only goes by 'the rules' when the result is what the ruling class wants

[Autumn]

37. Fucking criminals

:mad: :mad:

[Turbineguy]

38. I know something about crosshead slipper bearings

which I can adapt into guillotine slide technology.

Career change is the hallmark of the economy these guys created.

[xchrom]

39. Kick

[independent_voter]

41. Giving credit where credit is due, Goldmans sachs has made some amazing investments

like obama's 2008 campaign, for instance

[Blue_Tires]

44. WSJ's real headline: "SUCK ON IT, YOU PEONS"

[speppin]

45. Not much to say anymore. The greed just keeps getting worse.

[independent_voter]

57. well technically, that is still change

if the level of greed is not the same as it was before

[Jefferson23]

48. I don't think the increase is high enough.

:sarcasm:

[defendandprotect]

49. Thanks to Bernanke and secret deals which the we've permitted .....

[Mimosa]

53. K&R n/t

[thecrow]

54. That's $9,600

for EACH of the 15,000,000 unemployed people in this country.