Let's see raised hands for investors who have bounced back so strongly with their retirement plans. Anyone? How many people in the real world are seeing such strong compensation this year? As they often do, the article also provides cover for the ridiculous pay, suggesting that without these bonuses the poor workers would starve. Except we all know that is a lie.
Goldman Sachs is expected to have an average of $526,814 this year and in general traders are making around half or one third of their income via salary. After saving them all from ruin and bankruptcy last year, the increases are not acceptable at all. If Obama and the Democrats want to coddle Wall Street and give away money, open the check book and give some to everyone. These numbers have been annoying for far too long and the Democrats should expect a thrashing at the polls next year if they don't wake up and do something to turn the tide.
Wall Street cash bonuses are set to increase by about 40 percent this year, the Wall Street Journal said citing a report by compensation consulting firm Johnson Associates.(Old Wall Street photo courtesy of the Frances Loeb Library, Graduate School of Design, Harvard University)
In a report to be released later on Thursday, Johnson Associates projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities, the paper said.
