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Bank Bonus Tab: $33 Billion
WSJ ^ | 7/31/09

Posted on 07/30/2009 5:20:00 PM PDT by FromLori

Nine banks that received government aid money paid out bonuses of nearly $33 billion last year -- including more than $1 million apiece to nearly 5,000 employees -- despite huge losses that plunged the U.S. into economic turmoil.

ANDREW CUOMO The data, released Thursday by New York Attorney General Andrew Cuomo, provide a rare window into the pay culture of Wall Street, where top employees typically make 90% or more of their compensation in year-end bonuses.

The $32.6 billion in bonuses is one-third larger than California's budget deficit. Six of the nine banks paid out more in bonuses than they received in profit. One in every 270 employees at the banks received more than $1 million.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Government
KEYWORDS: bailouts; economy
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1 posted on 07/30/2009 5:20:00 PM PDT by FromLori
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To: FromLori

well, those who got the bonusus may be the ones who are in the top percentage and will pay the most taxes...

I can dream, can’t I?


2 posted on 07/30/2009 5:20:46 PM PDT by bareford101 (the obamanation is a COUNTERFEIT with a COUNTERFEIT birth cert. & 39 different ss cards)
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To: bareford101

Sure as long as you wake up and come back to the reality that you picked up the tab for their bonus.


3 posted on 07/30/2009 5:22:11 PM PDT by FromLori (FromLori)
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To: FromLori
And we can thank who for this?

George W. Bush.

4 posted on 07/30/2009 5:22:45 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: FromLori

Several of the banks who receive TARP funds did not have a loss in any quarter. They were the ones who paid the bulk of the bonuses.


5 posted on 07/30/2009 5:25:13 PM PDT by proxy_user
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To: FromLori

Performance bonuses and retention bonuses are two different things.

Top talent can move around, without an incentive to stay.

Please, I fully understand that Wall Street and the mortgage industry have become piggy banks for the Democrat Party.

However, lets not fall for the class envy stuff, and attack these institutions over pay issues.

If you completely eliminated the entire compensation of the top 5% of any major firm, that has received TARP money, I doubt that any of them would return to financial health, by that act, alone.

This is a distraction.


6 posted on 07/30/2009 5:36:59 PM PDT by Kansas58
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To: DTogo

Again
Firms that do not pay certain bonuses will be taken to court, if the employees QUALIFIED for such bonuses.

Firms that do not pay bonuses will also go out of business, since nobody will want to work for those firms.


7 posted on 07/30/2009 5:39:11 PM PDT by Kansas58
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To: FromLori

Franklin Raines mentioned in that article?

How about the wealth of the government officials that forced those banks into bad loans that would eventually sink them?

Big oil
Big banks.
Big pharma.
Big medicine.
Big insurance.
Big auto.

Who else will Obammie and his Commies encourage us to hate so that those commie effers can take over yet more private industries?


8 posted on 07/30/2009 5:41:20 PM PDT by Ghost of Philip Marlowe (It's soft tyranny, folks. It's smiley-faced fascism.)
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To: bareford101

Wait, aren’t they suppose to get a bonus if their company has earnings?


9 posted on 07/30/2009 5:42:56 PM PDT by rovenstinez
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To: Kansas58

Sorry I do not see it that way it has nothing to do with class envy and everything to do with me footing the bill.

They are WELFARE QUEENS so why should I pick up the tab?

Let them move around with top talent like that who got them into such a mess in my opinion they should be Wal Mart greeters.


10 posted on 07/30/2009 5:42:59 PM PDT by FromLori (FromLori)
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To: Kansas58
My beef is not the bonuses, but that they were given bailouts to begin with.

By?

George W. Bush

11 posted on 07/30/2009 5:45:57 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: DTogo

Umm, actually Slick Willy.

Slick Willy saw the tech bubble bursting and didn’t want the economy going sour on him and his “8 years of peace and prosperity” lie that he was trying to write in the history books.

So he enforced Jimmah Carter’s Community Reinvestment Act to force banks to approve very high-risk mortgages. Once this got started, the Federal Reserve did their harmful part by artificially lowering interest rates, thus guaranteeing a housing bubble, the effects of which we see with over 1.5 million homes on the “inventory” list that need to be sold and another app. 1 million about to be foreclosed upon.

So, yes, Pres. Bush was a big-governmenter and he followed the same jackass mistakes that most presidents make when they think that the Federal Reserve is there to help them, which they are not.

The LCD in all this is the Federal Reserve.

And these bonuses are irrelevant compared to the 50 trillion dollars of deficit spending that is protracted out over the next few years.

Keep your eye on the ball, everyone.

Defeat government-run medicine.

Defeat Tap and Bleed.


12 posted on 07/30/2009 5:46:08 PM PDT by Ghost of Philip Marlowe (It's soft tyranny, folks. It's smiley-faced fascism.)
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To: DTogo
And we can thank who for this?

George W. Bush.

Change will do you good...

13 posted on 07/30/2009 5:46:29 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Kansas58

Very well stated. See my other posts on this thread. This is a total distraction.


14 posted on 07/30/2009 5:47:16 PM PDT by Ghost of Philip Marlowe (It's soft tyranny, folks. It's smiley-faced fascism.)
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To: FromLori

The government FORCED our financial institutions to make bad loans to people who could not pay them back.

Now, the liberals in Congress who caused the problems, and the idiots in the MSM who hate capitalism and do not understand business, want us to be mad at all executives who are guaranteed certain bonuses, as a matter of CONTRACT!

Yes, some of these firms should have gone to bankruptcy court, where some contracts could be modified or voided.

However, we did not take that course of action, and now contracts must be honored.


15 posted on 07/30/2009 5:47:24 PM PDT by Kansas58
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To: DTogo
Obama was a MAJOR player, from the start, in who actually received bailouts.
Also, many firms were pressured to take TARP money, when they did not even want those funds.
16 posted on 07/30/2009 5:49:17 PM PDT by Kansas58
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To: bareford101

They will certainly contribute with the greatest charity to the congess critters who bail them out of their bad bets.
Hey! You got sumpin ‘gainst capitalism you COMMIE?


17 posted on 07/30/2009 5:55:18 PM PDT by nkycincinnatikid
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To: FromLori

Study: Bank Bonuses Far Exceeded Profits
Several Bailed-Out Banks’ Bonuses Topped Their Net Income in 2008, According To N.Y. AG’s Report

http://www.cbsnews.com/stories/2009/07/30/business/main5197668.shtml


18 posted on 07/30/2009 6:00:24 PM PDT by M. Dodge Thomas
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To: rovenstinez

hahahhahah,,, only the top few sitting around the long oval table in the board room... who leave and get in their limos and are driven back by their black driver to fairyland where they live.


19 posted on 07/30/2009 6:27:40 PM PDT by bareford101 (the obamanation is a COUNTERFEIT with a COUNTERFEIT birth cert. & 39 different ss cards)
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To: rovenstinez

hahahhahah,,, only the top few sitting around the long oval table in the board room... who leave and get in their limos and are driven back by their black drivers to fairyland where they live.


20 posted on 07/30/2009 6:27:46 PM PDT by bareford101 (the obamanation is a COUNTERFEIT with a COUNTERFEIT birth cert. & 39 different ss cards)
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