Posted on 01/11/2006 5:58:18 PM PST by ARealMothersSonForever
NEW YORK - Bonuses at Wall Street firms climbed to a projected record of $21.5 billion last year as revenue grew, according to the New York state comptroller's office.
Comptroller Alan Hevesi said Wednesday that 2005's bonus tally was $2 billion more than the old record, which was set in 2000. In 2004, Wall Street bonuses came to an estimated $18.6 billion.
Last year's average bonus was pegged at $125,500, also a record, Hevesi said.
Revenue at Wall Street firms rose 44.5 percent through the first three quarters of 2005, climbing to the highest level since 2000, the year when the stock market peaked, Hevesi's office said. The mergers-and-acquisitions business accounted for most of the surge.
"The securities industry had a very good year during 2005," Hevesi said.
Nancy Pelosi college intern writers will post a press release with Nancy's name on the bottom saying this is proof that the republicans are trying to destroy the middle-class.
this is where the NYS and NYC tax surpluses are coming from.
but it says alot about our economy when industries like autos, alot of technology companies, etc - are having major troubles - while industries that essentially "move paper", bonds, real estate, are booming.
They won't buy a car or a boat or a weekend house, will they ?
Last year's average bonus was pegged at $125,500, also a record, Hevesi said.
I'm definitely in the wrong business.
Just think how much more your stocks would be worth if they didn't have to pay these bonuses.
This is a problem that needs more press coverage, particularly in view of outsourcing and anemic job growth.
wall street secretaries can earn well over $100K a year. unless you actually live in the NYC metro area, and see what some of these people who work in financial services earn, its hard to comprehend.
Goldman Sachs avergae bonus was $500k.
The parasitical paper shufflers and speculators have the upper hand. Not the Americans who actually make useful products
I give the industry credit in that regard - they place alot of demands on their workers (they work alot of hours), but pay them very well, and pass those costs along to the customers in terms of fees, etc. its a hell of alot better then working in tech for example, where they make the same demands on your work hours, and then tell you you are "overpaid" because someone in India will do the work for $15K a year.
that's why colleges are packed with people going for finance, MBAs, and law degrees - while engineering enrollment is imploding. if you can't beat em, join em.
You must be psychic! They are already spinning this as the largest scam on the middle class. No kidding. However, anyone with a 401(k), or any investments at all; knows better. Those "invested" in misery and dependence on Uncle Sugar are taking it in the shorts. So to speak.
Me too. I have never had a "bonus"......many boners, but no bonuses.
FMCDH(BITS)
the Ferrari and Porsche dealers will be humming this month.
this is why you can't touch a house in westchester for less then 1 million dollars - and that's a fixer-upper.
The rich get richer and the poor get poorer. And it's New York's fault.
Outsourcing has peaked. Supply and demand has kicked in. IT salaries in India have inflated 3,000%. The ones that risked early, got "cheap" labor, and suffered customer satisfaction problems. These bonuses will be plowed back into the economy.
"Just think how much more your stocks would be worth if they didn't have to pay these bonuses."
They would be worth less without the movers and shakers on Wall Street who make it happen.
well sure, if you'd like a job standing in between a rich person and something they want - their mercedes dealers, their $300 a pop hairdressers, their furriers, their fractional jet ownership franchises, their jewelers - its great for them. and those jobs are fine, I am not minimizing the multiplier effect of these monies trickling down.
but some people would rather not have those jobs in our economy, they want jobs in the productive sector. to sustain a broad private sector middle class, you can't just have jobs serving the rich.
http://finance.yahoo.com/q/bc?s=GS&t=1y
http://finance.yahoo.com/q/bc?s=LEH&t=1y
http://finance.yahoo.com/q/bc?s=BSC&t=1y
The luxury car dealers, realtors, and shops on 5th Ave are all foaming at the mouth right now.
The NYC state budget people are as well too.
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