Wall Street 3: Greed is Moral?!

Discussion in 'Wall St. News' started by OddTrader, Oct 12, 2010.

  1. http://news.theage.com.au/breaking-...-to-pay-billions-to-staff-20101012-16hp6.html

    Financial institutions on Wall Street are preparing to pay a record $US144 billion in compensation and benefits, according to a study published on Tuesday in the Wall Street Journal.

    The payout, covering bonuses, premiums and stock options for the firm's executives and employees, is a four per cent raise over the previous record $US139 billion 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 per cent, from $US433 billion to $US448 billion.


    In June, US authorities announced guidelines aimed at countering pay and bonus practices blamed for the excessive risk taking that fuelled 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.