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While many think Wall Street executives don't deserve bonuses, given the mess the economy's in, State Comptroller Thomas DiNapoli says it's actually not great that Wall Street bonuses fell 44% last year. Why? Because that means $1 billion less in revenue to the state—and $275 million less to NYC. According to the AP, "Mr. DiNapoli estimates in a report released Wednesday that the securities industry paid its New York City employees roughly $18 billion in bonuses for 2008, compared with nearly $33 billion in 2007." Wall Street bonuses, before the fallout of last fall, "accounted for up to 20% of state tax revenues and 12% of city tax revenues." Another thing that'll hit the city: Tax incentives to financial firms headquarters in NYC added up to "a tax credit of $31.3 billion for 2008, which will reduce the firms’ future tax payments for years to come."
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yikes! boo hoo!
Given how badly the market tanked, and in the bailout's tax burden on the general population, and the threat to national security (who holds all those bonds, the tooth fairy?), bonuses should have dropped 100%. The guys in charge should have their assets frozen and their asses in jail.
If the local pols are so short sighted that they can only worry about their goddamned tax revenues, they should be voted out. Then they should be thrown in jail for aiding and abetting these douchebags through poor oversight.
"So, where are the client's yachts?"
AMEN!
Anyone catch the Post this morning with Wall Street Execs eating at McDonalds? haha
and i suppose average joes like you are entitled to make 5-7% returns on investment every year with no exceptions, right?
Why no, no one on Wall Street deserves any money! They should all be thrown in jail for having the audacity to invest in the stock market upon which our whole economy depends! It's all a giant conspiracy, didn't you hear? Also, every single person with money on Wall Street personally sold scam sub-prime mortgages. Every single one!
Boo Fucking Hoo.
Awwww, no more cash condo down payments and Piaget watches? Such a shame.
I bet strippers are crying their eyes out as well.
I do feel sorry for the strippers and car service drivers.
If you make $10 million 40% less is still $6 million.
If you make 60G 40% less is 36G, that hurts.
Hug a stripper today, but then run fast.
The state sets the tax rates, not Wall Street. If the legislators think people who get big bonuses should pay higher taxes, they know what to do about it. At present I believe the state income tax rate is just about flat over a modest income amount, like say $50,000 per year. Of course raising taxes on the rich would inconvenience their relatives, friends and neighbors, but times are tough all over.
Maybe if the feds weren't spending nearly $1 trillion bailing these guys out so they can continute to re-decorate their offices or fly on private planes, there would be some federal assistance to large cities in need.
the execs i work with got bonuses and then cried poverty and let some workers go... horrific business ethics when everyone is cutting back and losing jobs.
The executives I work with are getting zip.
Execs will always find ways to compensate themselves; if not immediately, then in the next fiscal quarter or alternate means such as lavish business trips or expensed purchases. These bonus cuts affect mostly the average Wall St worker whose compensation packages revolve around bonuses. The base salary is median but work massive overtime thinking bonuses are guaranteed only to find this year all that extra work was not compensated for as some have received no bonuses.
If bonuses are performance based, then shouldn't most of these idiots get nothing? I know there were plenty of small miracles in terms of profiting through the worst of economic times, but unfortunately whomever these geniuses are don't seem to be running the major banks, and they probably got handsomely rewarded by the 8 person hedge fund they work at.
Fucking up so badly as to warrant the need for your government to intervene and give you billions shouldn't be counted as profit, although it is still genius.
Can those clawbacks include their eyes and teeth as well?
Where's the news?. This is EXACTLY what to expect when a Ponzi Scheme ends. Considering the ENTIRE U.S. ECONOMY IS SUCH, brace your war-criminal azzes for MORE.
MUCH MORE.