That all may be true, but the PRODUCT being produced (like CDS') are no longer in demand. As far as workers suffering because of decisions by higher-ups - that happens all the time. When a factory screws up because of a bad exec decision, the factory goes bust and the workers get kicked to the street. Maybe a new factory will have smarter execs. That's capitalism.
Brightest people in the world. According to who? A Wall Street worker? Tell me you genius, if all the firms are downsizing due to financial losses what defines the necessary pay scale to keep performers? Where they going to go? Do you think JP Morgan can hire EVERY top performer and have a compensation pool that allows for lower level employees to get the work done? Goldman Sachs maybe? You make it sound like the talent pool is limited. Based on what we see today you are right, the talent pool is limited and many on the payroll are vastly over paid for their limited talents. do you not find it concerning that the geniuses of wall street can't make a buck in the Bear market but can in the Bull market? ya think it has to do at all with leveraged monies? Fact is the talent you discuss depend heavily on the labors of lower paid individuals. These guys just get all the credit.
What the problem with getting a bonus? Personally speaking, I *need* my bonus this year. I'm thinking Gallardo. I just love that glass engine cover. Main Street will just have to grit their teeth. I mean, you can't expect us to drive around in Honda Civics. We work hard after all. Just remember, we made alot of money for you before we lost it all.
needs my bonus ..."Christmas is around the corner, and I ain't gonna have no money to buy my son the G.I. Joe with the Kung-fu Grip!"
As a bastion of capitalism, Wall St should never condone socialism. Workers get laid off all the time. No bonuses for poor performance. The leader of the company decides the outcome for the entire company, and companies that make costly mistakes are crushed. Wall St must not give in to the slippery slope or Main St will surely follow. What comes after that is the old soviet regime of incompetence and mediocrity. Only punishing the poor performing companies can keep us from becoming just like the communists.
What is your point? This is like making an excuse for a scientist who works on developing biological weapons. Who cares about the background of the high level peons, if the company is going bankrupt, what does it matter? Obviously their efforts there do not create any value. They are part of the system, plain and simple. And not as smart as you think, otherwise I'm sure they kind find somewhere else to put their brains to work. LOL, they know EXACTLY what is going on. The fact that you believe that it's just an accident, only shows how easily you are tricked. They may be a lot of deragatory things, but stupid is not one of them. Yes, because Wall street execs support the regular people, lol. Those scum would not even throw you a penny if you were dying of hunger. They earn their money by leeching the monetary system and robbing the population. Wow, what a wonderful benefit to society. Regardless, their own firms do not have the money to pay them their bonuses. Not my problem, neither is it the taxpayer's. Yet these scum have gotten so arrogant that they demand the taxpayers pay them. If you care so much, go donate your salary to them, although I doubt the 40k you make per year matters much to multi-million dollar bonuses. An economy that is based on 30%+ financial services has already failed a while ago. There is not much to recover to, a currency collapse is next. Look kid, 90% of the financial industry are just leeches off the monetary system. Nothing more. You may think you're smart, but you don't know jack sh*t. It's just an intricate game, evolved to stay ahead of the sheeple and confuse them with complicated terms, methodologies & calculations. Too bad it's all bullsh*t and just the same old scam that is thousands of years old, manipulation of money supply.
Spoken like true free market capatilist Problem is that politics is a major issues for them right now and they are in the bulls eye of Peolsi's congress and soon to be Obama's administration. Mainstreet is pissed and wants blood.
About 50 to 60% of traders at banks have a minimum guaranteed bonus.Most of those have guarantees that run for next year too. Rule number one is always get paid. Rule number two is always get paid first.
Its the tax payers that got us into this mess in to the first place taking out loans they couldn't afford to pay back.