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2008 Wall Street Bonuses Went From Obscene to Crazy
By
John Del Signore
Published Jan 29, 2009
Modified Jan 29, 2009
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By
John Del Signore
Published Jan 29, 2009
Modified Jan 29, 2009
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Yesterday's report that Wall Street bonuses fell 44% last year had State Comptroller Thomas DiNapoli bemoaning all the income tax revenue lost by the belt-tightening. But today the Times takes the long view, and points out that those belts weren't really so tight when compared to previous years. Sure, last year's $18.4 billion in bonuses is less than half of the 2007 and 2006 take, but it was still the sixth-largest haul on record. Adjusted for inflation, Wall Street workers took home about as much as in 2004, when the Dow was soaring. (And those figures omit stock options that would push the numbers even higher.) Harvard Professor Lucian Bebchuk tells the Times he's concerned banks might be using taxpayer bailout money to subsidize the bonuses, which definitely calls for an angry torch mob or a sad trombone, take your pick.
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John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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