Quote from ByLoSellHi:
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.
http://www.bloomberg.com/apps/news?pid=20601087&sid=acmnZa01tgN0&refer=home
Wall Street Workers Still Get Bonuses, Many Unhappy, Poll Finds
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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 Streetâs 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.
âWhat it shows is the bonus culture is very deep-set in the securities industry,â said John Benson, founder and chief executive officer of the Web site. âThereâs an entitlement culture amongst a number of people in the industry, which I think in the current environment is very misplaced.â
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.
Flexibility
âI have been a defender of the bonus system in the past because it provides banks with a degree of flexibility on their cost structure,â Benson said. âI 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.â
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 workersâ 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.
âYouâve got as good an opportunity today as youâre ever going to have for this culture to change,â said Benson. âThere needs to be a clearer risk-reward balance, rather than reward- reward.â