Have you heard about those huge bonuses Wall Street is paying? So, it is true when they say that an investment banker makes $100MM in a good year and only $75MM in a bad year.
Wall Street Bonuses
- Thread starter Rockslinger
- Start date
stang said:
Must be hard work packaging all those sub-prime mortgages and actually selling them to UBS. Can't we just give them some gift certificates and a nice watch?
Cycleguy007
Banned
That may be true... but that is what the salary is for... BONUS (in my way of thinking anyway) is a reward for outstanding performance? These guys MAY have a tough time trying to justify their bonuses based on their performance.
I think you are exaggerating there a bit but the moral hazard is that in good times these guys make millions and when it all goes bad they just lose their jobs.... I used to live in a Wall Street bedroom community in New Jersey (I lived in the slums in that town) and the hot real estate month was Feb after the Wall Street bonuses the kids would come out with the pregnant wives and pay cash for a 1.xm house....
OTB
OTB
Hey thet get $700 Billion from Uncle Sam with no questions asked, even get to keep their 27 corporate jets. Afterall $700 billion will buy lots of jet fuel.....so they are having a good year.
Therefore of course there will be bonuses to pass out!....
Therefore of course there will be bonuses to pass out!....
Here is the other side of that coin
http://www.huffingtonpost.com/2008/10/23/wall-street-layoffs-could_n_137287.html
The fallout from this year's global credit crisis has claimed jobs on all corners of Wall Street, from hedge fund managers to floor traders and beyond. More than 110,000 have lost their jobs so far this year, and some industry experts forecast it could come close to 200,000 before the year is over.
http://www.huffingtonpost.com/2008/10/23/wall-street-layoffs-could_n_137287.html
The fallout from this year's global credit crisis has claimed jobs on all corners of Wall Street, from hedge fund managers to floor traders and beyond. More than 110,000 have lost their jobs so far this year, and some industry experts forecast it could come close to 200,000 before the year is over.
And what did these folks do, other than big a giant ponzi scheme, a house of cards through greed and deception?JohnLarue said:
Al least the crooked CEOs, who escaped arrest, still have their jets and bonuses, eh....
JohnLarue said:
Is society better off without this 110,000-200,000? Maybe, less subprime mortgages. Less people to create mischief.
WoodPeckr said:And what did these folks do, other than big a giant ponzi scheme, a house of cards through greed and deception?
Al least the crooked CEOs, who escaped arrest, still have their jets and bonuses, eh....
You make out like every single one of the 100,000 poor slobs who have lost a job woke up every morning with the single burning desire to steal as much as they could.
Thats not the case.
Many of these people would be back office support staff like IT, accounting, middle managers, pension plan administrators and operations staff . Many who would not bring down as much compensation as your sacred UAW workers. Most of these people are hard working, put in long hours in stressful working environment and do not deserve to be painted with the same brush as the crooks.
Many who were not the idea guys behind the mortgage securities fiasco.
Also in this group will be asset managers and traders who made a lot of money and should be able to withstand a period of unemployment.
Some of whom have never completed a transaction in a Mortgage security
Then there will be a small percentage of investment bankers in this group who did make obscene money. Again, some of whom probably never did a mortgage transaction.
Then there will be a the small collection of greedy unscrupulous Investment bankers who knowingly sold junk paper as investment grade and made mega bucks doing it
The thing is unscrupulous people often have an uncanny ability to protect themselves and avoid the swinging axe.
So the majority of the individuals you despise so much are probably still busy at work scheming (right now) how they can extract that last dime from WoodPeckr's wallet.
If you are going to attack someone, make sure you understand who you are attacking.
It is far more effective than your "ready, shoot, aim" method
C
crystalpalace
stang said:
Yea I agree, they really worked those asses alright.... shitting all over the place, in every direction!
Don said:
Clearly, these people have a talent (just like Conrad Black, the Enron crew and that guy who stole $50Billion) but I'm not sure how hard they actually worked. But I agree that not everybody has the ability (or desire) to steal $50Billion.
Just waiting for Tboy to come on here and say that the millionaires aren't successful because they didn't make it in a blue-collar manner.
I live my life taking as much as I can, without lying cheating or stealing. If you do that, you will sleep well at night. Not all I-bankers are dodgy fuckers. THat's like me saying everyone on this board is a loser who cannot get laid without paying for it. Stereotypes hurt, and many i-bankers are honest and greatful people.
I live my life taking as much as I can, without lying cheating or stealing. If you do that, you will sleep well at night. Not all I-bankers are dodgy fuckers. THat's like me saying everyone on this board is a loser who cannot get laid without paying for it. Stereotypes hurt, and many i-bankers are honest and greatful people.
