grim schlim
you’re not going to like this one.
looks like the bailout has made wall street bonuses look more palatable this year. pre-bailout, analysts predicted that the bonuses for the typical i-banker would drop 70% from the prior year, post-bailout they are now predicted to be only 40% less. time magazine reports:
“the average managing director at an investment bank, a title typically earned around eight years on the job, will receive a bonus of $625,000. that’s down from nearly $1.1 million last year, but it is still 15 times the income of the average american household. top bankers could receive as much as $1 million. even a bond trader just out of business school could see his or her bank account enriched by as much as $170,000 this christmas.”
* the article does point out that while the dollars from the bailout may not be specifically directed toward bonuses, it increases a bank’s capability to pay out bonuses (they were at risk of not having the cash flow required to pay out). those bankers are still are going to have to holiday this winter in florida instead of st. barth’s.
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