80% On WallStreet Paid Bonuses (Thanks Taxpayers!) Unhappy w/Amount

Discussion in 'Wall St. News' started by ByLoSellHi, Jan 27, 2009.

  1. You'd think these morons would be happy to get anything after the biggest crash since 1929, and in a year where hard working Americans saw their 401(k)s cut into half or a third, retirees lost the bulk of their life savings, almost three million Americans lost their jobs, and there is absolutely nothing the average person can do as they see their tax dollars expropriated and given to motherf$%@^cker in New York who are apparently untouchable no matter how GROSSLY INCOMPETENT they are.

    I have NO SYMPATHY for ANYONE who works on Wall Street. Michael Lewis is spot on; Crooks and Liars, all the way.


    Wall Street Workers Still Get Bonuses, Many Unhappy, Poll Finds
    Email | Print | A A A

    By Christine Harper

    Jan. 27 (Bloomberg) --
    About 79 percent of Wall Street employees responding to an online poll this month said they received a bonus for 2008, more than the 66 percent who expected to get a reward in October, according to eFinancialCareers.Com.


    Of the people who said they received a bonus, 46 percent said it was higher than last year, eFinancialCareers, a unit of Dice Holdings Inc., said in an e-mailed statement. About 900 U.S. users of the financial jobs Web site responded to the survey conducted Jan. 7-12. In October, 1,300 people responded, and 36 percent said than that they anticipated a higher bonus.

    Wall Street’s system of paying year-end bonuses to reward workers is under criticism after the worst financial crisis since the Great Depression led to record losses and forced the government to pump taxpayer money into banks. Still, 46 percent of people responding to the poll said they were dissatisfied with their bonus.

    “What it shows is the bonus culture is very deep-set in the securities industry,” said John Benson, founder and chief executive officer of the Web site. “There’s an entitlement culture amongst a number of people in the industry, which I think in the current environment is very misplaced.”

    Most of the people who said they were unhappy with their bonus, 89 percent, had five years or less experience, the survey found.

    Merrill Lynch & Co., which was acquired by Bank of America Corp. this year and has reported six straight quarters of losses, reduced 2008 compensation by 6 percent to $15 billion from $15.9 billion in 2007. Year-end bonuses typically account for the majority of compensation.


    “I have been a defender of the bonus system in the past because it provides banks with a degree of flexibility on their cost structure,” Benson said. “I think most people on Main Street would say their organization incurred losses of this size that very few people in the organization if anybody would receive bonuses at all.”

    Most of the people who reported a drop in their bonus said it fell between 11 percent and 50 percent, while the biggest portion of increases were 10 percent or less, the survey found.

    Many firms instituted changes to their bonus systems and reduced average compensation as revenue fell. The most senior executives at firms including Goldman Sachs Group Inc. and Morgan Stanley turned down bonuses.

    Firms including Morgan Stanley, Credit Suisse Group AG and UBS AG also have added so-called clawback provisions that set aside portions of workers’ bonuses that can be recouped in later years if an employee leaves or is found to have behaved in ways that are harmful to the company.

    “You’ve got as good an opportunity today as you’re ever going to have for this culture to change,” said Benson. “There needs to be a clearer risk-reward balance, rather than reward- reward.”
  2. Daal


    I suppose you and other ETs are in favor of the US Deparment of Wage and Compensation which will set wage,bonuses and retirement packages according to the recommendations of the Secretary Paul Krugman
  3. Most people favor holding people and companies responsible for there actions which the cocksuckers who run the government are too chicken shit to do.

    They still think they can save this POS system.
  4. I think most people would take the money if it were offered to them, rather than walk away and just leave it on the table.

    The "cops on the beat" are more to blame - the SEC, Treasury, etc.

    We look back at the 50's and the beehive hairstyles and laugh. 50 years from now we'll look back at some of the nation's top financial regulators and marvel - Barney Frank, Maxine Waters (any education after high school?), and such. Both of the names I've mentioned have been accused of impropriety just within the last few weeks.
  5. MachM


    There is a rule from "Mother Nature" that if a living creature makes a mistake, it has to die. Nature does not give second chance. For example-: In forest, if a Deer/Stag is sleeping carelessly, a Lion/Tiger or Grizzly Bear will kill and eat the Deer.

    But Human beings keep making mistakes after mistakes and further mistakes. They continue to survive after making mistakes
    What I mean is that Fannie & freddie, AIG, Bear stearns, Citigroup, Big 3 carmakers & other giant companies and banks have made "Big mistakes" because they are "worthless & without business brains", They should not survive. They have to shut down, if not today then tomorrow.

    How long do you think "$2.5 trillion bail-out" will save Gaint companies and Banks. They have to shut down one day.

    "Mother Earth" does not have the resources to support 7 billion people. So the "global financial crisis" was inevitable (had to happen).

    "Global financial crisis" will happen again in future and it will continue to happen. Human beings and even $100 Trillion cannot STOP "Global financial crisis".

    Humans have a habit of digging their own grave with their own hands.
  6. We are in favor of letting these parasitic institutions collapse instead of being forced to bail them out and pay their bonuses.

    Since you're so f**king happy to see this, how about you pay our taxes?
  7. Stay on point much, Daal?

    WTF does your example have to do with grossly unappreciative people who got bonuses that are probably larger than what 97% of Americans who are honest, hard working people get as salaries in a year, and then bitching about how unhappy they are with the amount, after they blew it on performance?
  8. The fact they GOT bonuses pisses me off. It's not the reason I posted this....

    The fact that 80% of the ungrateful pieces of shit actually had the balls to whine about the amount is what triggered that compulsion....
  9. Yea well, not everyone on Wall Street have the time to post on ET and still get the bonus. The bonus simply compensate for the extra hours. Although some bonus is outrages, there are group of hard workers that deserve them.
  10. MachM


    USA army should over-throw the government and gain 100% control over USA administration. Barack Obama & his team is too weak, incompetent and useless.
    #10     Jan 27, 2009