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.
Oooh! "Movers and shakers"! I am impressed.
The stock market is a scam. It's a little more open now but the previous years it was a closed shop - a scam.
well sure, to the degree that specualtion inflates market bubbles - but make sure you get out at the right time.
and I will add - alot of this money is coming right out of our pockets from energy prices. financial services companies have made big moves in speculation in the energy markets - when you buy gas next time, or pay your home heating bill, those people at goldman sachs holding $500K checks in their hands tonight are thanking you very much.
This is just reflective of wall street, not the entire US economy. Its still an incredibly important part of the US economy.
right, and what do the state representatives do with that money - they give it to the teachers and municipal workers in pensions. a great deal for them, but then when the market bubbles contract and they can't pay those obligations - the state raises taxes on the middle class to cover the promises.
it is, I am not minimizing that. hell, if some babe was willing to pay me $200 to shampoo her hair, I'd be on easy street too I guess.
0h puhleaze.
Oil wasn't the only part of the economy rallying in the second half of this year.
Tech, wireless, semiconductor, medical, construction, financials, commodities.
Energy was just one of many ways wall street money was made this year.
Example:
I bought apple computer at 45 a share last year and just sold 50% of my position at 82. No oil speculation involved.
After working 17 years as an analytical chemist, I could count on my hands the number of scientist who would advise their kids to study science or engineering.
Your comments would indicate you do not understand the function of Wall Street, the market, traders, or capitalism in general.
True enough. The blacksmithing trade was manufacturing, for the rich and the middle class (which grew). Steel, and the automotive industry were the same. Glass, textiles, timber, and so on. It is just that our American economy has migrated toward services. Heck, if you can hook me up with a salon where they pay $300 a pop to get coiffed; I will dress like Richard Simmons and cut hair for 16 hours a day!
Not really. But I would invest in a salon or training school that turns out this kind of talent.
The frickin dems in my state, Washington, were sitting on their first budget surplus in years. So do they save it or put it work to make more money? Noooooo. Its all being poured into state workers union coffers and useless social programs while still raising our taxes on gas and liquor.
don't tell me wall street shennangins didn't have alot to do with the tech stock bubble in the 90s that inflated prices - alot of people on the street got rich on that bubble.
agreed. its sad, but its simple economics. As industries mature, they always get moved to cheaper labor countries.
Its a cycle thats been happening since the dawn of time.
perhaps you can explain how a legitimate function of the market is to hype pets.com as the next great company to own, back it up with fradulent earnings reports, sell it to dupes who buy it, while your firm is walking away with the cash after pressing the sell button all day.
is that a "legitmiate" function of the market and traders, or is just just legalized fraud?
"...a lot of people on the street got rich on that bubble."
And a lot of people took it in the shorts in 1987..So what? Envying success of others is unproductive..
sure, but they were only PART of the problem. Add in companies falsifying their books, media hype, utter bullshit being spouted about how lifestyle changing this technology was, and a public willing to throw their money into speculative, high risk investments.
its the fraud that bothers me.
Perhaps you would be happier to keep your money under your mattress..and don't fall in love with any more sock puppets;)
ever heard the term "buyer beware"?
How many investors have a gun put to their head and forced to buy a stock, or a house, or a car?
I have 0 sympathy for anyone who invests their money and takes a loss. Its their own decision and must be accountable for their own actions.
ding-ding-ding...WE HAVE A WINNAH!!!!!
Great!..How many shares of Pets.com do I win?
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