Wall Street Pays Out Billions in Record Compensation: Report

[Better Believe It]

Wall Street Pays Out Billions in Record Compensation: Report
by Agence France-Presse
October 12, 2010

WASHINGTON — Financial institutions on Wall Street are preparing to pay a record 144 billion dollars in compensation and benefits, according to a study published Tuesday in the Wall Street Journal.

The payout, covering bonuses, premiums and stock options for the firm's executives and employees, is a four-percent raise over the previous record 139 billion dollars that was handed over in 2009, said the financial daily.

The study, which covers 35 Wall Street firms -- including banks, investment banks, hedge funds and money managing groups -- found that 29 of the institutions were also expected to see revenue rise by three percent, from 433 to 448 billion dollars.

In June US authorities announced guidelines aimed at countering pay and bonus practices blamed for the excessive risk taking that fueled the global financial crisis.

The rules, however, did not prohibit any specific forms of payment for incentive compensation or establish mandatory compensation levels or caps.

http://www.commondreams.org/headline/2010/10/12-2

[Count Olaf]

1. Grab Your Torch ‘n Pitchforks!

:grr:

[SammyWinstonJack]

2. How is this tolerated on any level?

:grr:

[Initech]

3. Urge to kill...... rising!!!!

[Romulox]

4. If these bonus checks don't go out, the WHOLE SYSTEM will COLLAPSE!!!!1!!!!!!!11!1

:rofl:

[Tiras De Carne Seca]

5. Someone will be along shortly to tell us why this is justified, I'm sure.

[Mnemosyne]

7. Welcome to DU, TirasDCS! Unfortunately, I cannot

argue with your point. The last couple years here have been surreal at times. :hi:

[SammyWinstonJack]

9. Can't wait.

:puke:

[Winterblues]

6. Makes one wonder why Wall Street would want Republicans back in charge.

Where were all those record bonuses under Republicans? The timeing on this is interesting. The American people will not think highly of this and they know that..Many will blame Democrats for squandering tax payer money in such a way....They flaunt it and Democrats look like chumps..

[glitch]

10. They're just gaming the ref.

And it's working.

[Romulox]

12. "I'm a scorpion; it's my nature." nt

[kysrsoze]

8. The party never ends on Wall St. Those pay guidelines are quite effective, no?

Of course it doesn't matter whether the earnings even support that pay (they never have). As if these SOBs ever earned their compensation.

[lonestarnot]

11. Meanwhile, back at the ranch,

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x514083