Ok wallstreet financial insitutions seem tobe walking into the classic trap. There going to take huge bonuses, even if its way smaller then last year, but still in the billions. If they dont want the government to interfere and have more ammo to changing how wallstreet works, then they shouldnt take the money. It would seem like sucide to do so. I could easily see barrack obama next feeling the heat of the downturn, and looking for blame take out the xmas bonus baby and use that to regulate and send people to jail. http://business.timesonline.co.uk/tol/business/economics/article5043725.ece
What if the gov turned a blind eye to some shady shit that was going on? I mean, what if a Wall St. guy invaded the ranks of the treasury, wouldn't that be something? What about this cox fellow? What does he do again? Also, unrelated to the thread. Can i please please have my new stimulus check so i can pay my mortgage, credit card, student loans, groceries, insurance et. What a bunch of idiots, complete morons. I can't believe they still don't get it. But then again that's politics for ya.
but they all got money from the gov, so it would be hard to justify any bonuses. Im surprise,a few wallstreeters dont just quite now before obama takes over. If people think spitzer was bad obama is going to really clean the street.
"NY Governor Patersonâs appearance on Capitol Hill came a day after he warned that the state deficit over the next three and a half years was expected to be $47 billion." New York City and New York State are already in a deep fiscal hole due to reduced taxes from Wall Street. Now you want to bankrupt both of them by zeroing out bonuses and thus zeroing out the tax revenue to the city and state. Way to go.
What I don't get is - Wall Street more than anything is an instantaneous evaluation based on supply and demand. Everything that is traded is based on the lastest values and the latest profits. Imagine for example a GM going out and signing a new contract with the workforce that increased their pay while the company was floundering - what would happen to GM's market? Wall Street would crucify them. Today we see that hedge funds big and small are terminating what was once considered a talented work force. So is near every brokerage firm and bank. That means that available talent is out there and at a cheaper rate (lower salary beats no salary). So why then does Wall Street OVERPAY for talent when they can get it cheaper? The hatred towards those on Wall street is self-inflicted as these people actually believe that they are somehow valued as a workforce higher than the average worker. That value is based purely on the fact that they make more (corporate revenues) because they are given more to work with. Nobody will support teh notion that an investment banker carries a higher social value than a doctor who is saving lives every day. ultimately it is Wall Street's greed that has created this latest financial turmoil and until these young and greedy millionaires realize this our future as a nation will be in jeopardy. The US middle class taxpayer can not afford to pay the bills of the millionaires and survive much longer.
Not being from NY but being one of those taxpayers whose money went into this bailout program, what do I care what happens in NYC? I did not sign up for a wealth re-distribution that included taking my hard earned dollars and giving it to an over-paid, drug induced lackie who mismanaged their investments by risking/over-leveraging our money in bad bets. I can't believe you are justifying overpaying the people who put us in this crisis because it will generate a small tax base for the city of New York. That has to be the dumbest comment yet. Yea, give Llod and his merry men another $70 Million each this year they deserved it for screwing their shareholders.
The hubcap hanger at GM does not generate income. WS generates income. WTF they should take the bonus, we are taxing the rich, we need rich people.