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Wall Street Execs Defend Bonuses
By
Jen Chung
Published Jan 31, 2009
Modified Jan 31, 2009
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By
Jen Chung
Published Jan 31, 2009
Modified Jan 31, 2009
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After President Obama added his voice to the outrage over Wall Street bonuses (2008 was the 6th biggest year for them), Wall Streeters are speaking out on the bum rap they are getting and the NY Times was ready to listen. An investment banker said, "People come here because they want to work hard and get paid a lot for working hard. I think there’s a disconnect between Wall Street and Main Street," while an insurance broker offered, "My bonus is ‘shameful’ — but I worked hard to get it. I’m a HENRY. High Earner but Not Rich Yet.” And a lawyer added his spin, "The way we pay our taxes is bonuses. The only way that we’ll get any of our bailout money back is from taxes on bonuses. I think bonuses should be looked at on a case by case basis, or you turn into a socialist.” Related: Bank of America is looking to spread out its 2008 bonuses over three years, with the first payment coming next year.
Tagged
economy
recession
wall street
Wall Street bonus
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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