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.
Relative the situation, its been good, but relative to other things, not hot at all.
True, we are coming out of the funk IMO, hopefully for good and for a long time.
In short, I don't care one bit about inventories. I don't care about productivity or any other mundane statistic. Nor do I care about on paper being at 'full employment'.
Until its reflected in my wallet, thats the only measure I care about.
Basically put, saying everything is going just soooo great is just as wrong as saying everything is soooo awful. Truth is, its been pretty bad and most people are sick of it. Thats not to say there is no recognition that its improving, because it is, but it still has a ways to go before most of us are satisfied.
BTW didn't lose a dime.
Statistically I am employed, full time. Yet when it comes to dollars and cents I bring home less than half of before.
We are talking wages, not investments.
I would venture to say I am not alone in that.
And when those Americans, who make useful products, need capital to expand their business, where do they go?
You wouldn't have all the comforts, products, services and standard of living you do today without those parasitical paper shufflers and speculators. Most people who understand this though, prefer to call people who provide this service risk takers.
This makes it obvious that you are not invested, or invest on blind trust. Hence you did not lose a dime (better check in your sofa!). Currently 17% annualized for what I sold this year. Too many people got into the trap of speculating last time around. You neither make nor lose money until the transaction is done! Sure, the economy is not perfect. The streets are not lined with gold, and the milk and honey are not flowing free to all. That is the whole point though. Further your education, invest in your next door neighbor that is a solid and honest person, and enjoy life. The returns are significant and better than cash. IMHO
You alright buddy, or has your body been snatched by D.U.?
Ah 2000, a banner year on Wall Street.
I guess I just don't understand the dynamics of Wall Street Firms. What do they produce? Aren't they simply middle men between companies and investors? Seems like they're taking a big slice of the pie from somebody for just smushing two things together.
17% absolute dollars even spread over 2 years is not so hot...8.5% per year....
We have a common fund strategy at work (off the top of my head) that has doubled in absolute $ between 1999 and now.
Put in 10,000 in 1999 and today you get 20,000 out....
100% ROI or thereabouts in a 5 year time frame... not to mention the last 5 year time frame
Interesting. I think you'll find that engineers, with an MBA in finance, are in high demand by Wall Street and do very, very well.
Interesting. I think you'll find that engineers, with an MBA in finance, are in high demand by Wall Street and do very, very well.
Don't we need engineers engineering instead of pushing electronic dollars around?
I've seen this said many times on FR and cannot understand why this is so. The vast majority of people getting rich in Silicon Valley and other high tech industry locations studied science and engineering in school. With technological advances driving so much of our economy, there will be incredible opportunities in the future for scientists and engineers to realize the American dream.
Sure, the economy is not perfect. The streets are not lined with gold, and the milk and honey are not flowing free to all.
My exact point. The only point I had is it sounds kind of snobbish some of the posts on the thread...
I have no other point other than that.
Call me a bleeding heart or whatever, but I tend to look out for and care about those not as fortunate as myself.
Other than that, lets try to keep the condesceding sounding 'educational' advice to ones self. It might not be meant that way, but it came across as such.
As for enjoying one's life...LOL
not in this country, not anymore, the trend is clear. so if they can get jobs on wall street, engineering hedge funds and derivatives, more power to them. in fact, I should have gone into it myself.
True its improving, yeah, look forward to it, not backwards....but to deny the past is not cool. Especially the recent past, that hasn't quite passed yet...
Lets just say I am optimistic, but at the same time not oblivious.
It's hard to feel sorry for anybody who bought stock in a company with a market cap of a billion dollars that was just selling dog food over the Internet. I had a professor in school who used to say: In the worst of times a number of people will find a way to make money and in the best of times some idiot will find a way to lose it.
They go to people with capital ie investors. Wall Street is simply a holding tank. I don't think anybody can argue with the system but it sure looks like there is a big inefficiency in the chain.
Most people who understand this though, prefer to call people who provide this service risk takers.
The people putting up the dough are the risk takers; Wall Street is just the bookie and takes no risk at all, just a cut.
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