Just Curious - How Is The $18 Billion Bonus Money Doled Out?....

[global1]

I mean who in the pecking order gets bonus money on Wall Street? How do they determine how much each gets? What is the range of dollars received by each person? (i.e., from what dollar amount low end to what dollar amount high end) How well are these people paid in the first place - to expect a big bonus at the end of their year? Will anybody here on DU own up to the fact that they might have received monies from this bonus giveaway and tell us how this works.

Reminds me of Clark Griswald in Christmas Vacation in reverse. Instead of a membership in the Jelly of the Month Club - they got an olympic sized swimming pool.

In reverse we should have Cousin Eddie round these guys up for us.

[sfpcjock]

1. Just doing the math

That's about $180 for every family in the US. A very nice tax "deduction".

[global1]

2. We Need Someone To Do The Math The Other Way......

how many of these Wall Street type people get bonuses? Certainly the numbers are small compared to 'every family in the U.S.'. So if you divide the $18 billion by that number - these bonuses must have been really, really gigantic.

Is there anywhere we can get data on this?

[lifesbeautifulmagic]

3. don't know the answer to your quesion, but it is interesting to note

that 18 billion is twice what O has in his stimulus plan for mass transit.

[global1]

5. I'm Just Blown Away By This $18 Billion Number.......

where is the outrage? Most American's these days are content with just getting a paycheck let alone a bonus. And yet - I don't see the outrage over this. Oh yes - President Obama commented and Clare McCaskill called them idiots - but what about the rank and file American.

When I learned of this the first thing I did was call both my Senators in D.C. and express my outrage. But I hear more outrage over the Octuplets than I do this.

Where is MSM on this $18 Billion? They should be doing the math on this. They should be reporting how many people got what dollar amounts. But all they are doing is showing clips of McCaskill's comments.

I want that money back. Not personally for me - but for the hundred's of thousand's of Americans that are unemployed and losing their houses.

My God - can't these greedy bastards on Wall Street live without their bonuses? You know - we really don't see any of them on the news shows justifying their bonuses - do we. They are laying low and laughing all the way to the Mercedes dealer.

This is outrageous, sick and criminal and its about time the American public finally rose up and demanded that this type of behavior stop.

I want our money back!!!!!!!!

If somebody out there in DU land has received one of these bonuses - please - please - try and tell me your side of the story. Help me understand that you needed that bonus to pay off the bills you incurred by living over your means. What is your tale of woe?

[Taxmyth]

4. some info

I had posted this under another thread. I hope by copying and pasting this here I'm not violating any rules:

These bonuses are necessary. Not all of them, mind you, but the bulk of that $18,000,000,000 was expected compensation for standard performance. Most Americans who have never worked in the Financial sector don't really understand the term "bonus" as it is used in that industry. The monies paid out are not actually a "bonus" but part of an overall compensation package that helps retain high level employees with a firm. These employees are paid a salary throughout the year, a salary that would be considered decent but certainly not excessive. As part of the annual compensation package, these employees are also promised a one time annual cash payout, usually around Christmastime. For instance - An employee of XYZ Financial Services receives a base salary of $100,000 a year and then receives what is called a "bonus" of another $100,000 bringing their annual compensation package to a total of $200,000 a year, which in the Financial services industry is hardly excessive or bloated. This is how the bulk of that 18 billion dollars was spent, given to the day to day working man or woman. If you live in the NY Metropolitan area then you know that $200,000 is not really out of line given the exorbitant prices here for the basics.

Yes, there are those that make much more in the annual salary and "bonus", most of them deservedly so, but there are far more who make even less. News reports of CEO's receiving bonuses for guiding failing firms have tainted the term "bonus" and it makes for fine rhetoric to rail against anyone receiving a "bonus" these days. But make no mistake, this piece of the compensation package is important and needed.

Edited to add this link for additional perspective:

Bonuses no luxury for some Wall Street workers

[global1]

6. Sorry - High Level Employees? ........

the same employees that got us into this economic crisis expect to be compensated for such a bad job. I don't buy it. Sorry. When I get bad service at a restaurant - I don't tip as well. I'm sure those same high level employees - do the same when they aren't served well.

Did you ever think that the exorbitant prices in Metropolitan NY got that way because the people in the area have such exorbitant salaries and not the other way around? If I was a merchant in NY and knew that these bloodsuckers on Wall Street were stupid enough to pay $15.00 for a piece of cheesecake - I'd charge that much too.

In their mind it is a status symbol to be able to pay that much for a piece of cheesecake and for us they say - let them eat cake.

[global1]

9. After Thinking About Them Being Restricted By There Companies To Talk About This........

I have to come back and ask why? Why would anyone put such a restriction on their employees unless they knew that something is inherently wrong with the practice and talking about it would just expose it more?

Is this a secret society?

Seems to me that there is some sort of intent here on the part of the Wall Street and Bank Employers. This just smells and smells bad.

Yet we have people like Rudy Guiliani sticking up for this type of behavior.

The more I think about this and hear about this - the more outraged I get.

[global1]

7. Just Read Your AP Link.......

crap, crap, crap......

Restricted by their companies to talk about this? What kind of B.S. is that?

And what constitutes a good employee for one of these firms? One who is able to talk the average american out of their nest-eggs? One who is able to fleece better than the others? One who is able to steer the customer to a fund that will pay their firm more commission? Certainly - not one that is able to make the customer more money.

So woe is me - I'll just have to deal with a 30% decrease in my $100,000 bonus this year. heh heh - I'm still making more than those sucker customers.

Sorry - this is the type of thinking and doing that got us into this mess and unless this changes we'll never climb out of this hole.

I can't buy this justification. Just can't buy it. And I guess if I did buy it - they'd just get a bigger bonus next year.

[brentspeak]

8. Bwah, ha, ha, ha!

Nice try, though.

[Coexist]

12. these $100k bonuses are 'important and needed'?!

when business is bad, for decades, people who worked assembly lines were told, take a pay cut, figure out how to survive on less, or lose your job - regardless of the terms of their original job contract.

I'd like to welcome Wall Street to the rest of America.

Deal. Or maybe get free 'job retraining' so they can find a second career somewhere else making 1/2 their salary. And worry that maybe someone in India or China will crunch those numbers and make those trades or sell those loans or be all important for 1/20th what they expect. Without a 'bonus' for simply doing their job. Which may be possible soon with all the fancy new technology in the near future.

Bootstraps, you know.






I don't 'understand' how the term 'bonus' works in the financial industry.

Give me a friggin' break.

[Taxmyth]

15. You hit the nail on the head

"when business is bad, for decades, people who worked assembly lines were told, take a pay cut, figure out how to survive on less, or lose your job - regardless of the terms of their original job contract."

That is exactly what is happening. People on Wall Street are being told to take a pay cut, figure out how to survive on less, or lose your job and contracts are being renegotiated. (Wall Street is actually a euphemism for the Financial Services industry and not the actual location of many of these American firms that pay out bonuses as part of their compensation package)

You are, of course, free to make your investments in China or India with an adviser who works for 1/20th of the compensation given to their American counterpart. The support personnel who will assist this adviser also might not be paid a bonus as their American counterparts are, working instead on a strictly salary or hourly basis. You will be subject to the laws of the country where this adviser is as well as the Internal Revenue Service if you are an American, so you better have a good knowledge of those local statutes or trust the person you are investing with in that country. One thing you can be sure of.....you will be dealing with 2nd and 3rd tier talent because the top people from that country are already on Wall Street.

Those $10k, $25k, $100k, $250k, even the million dollar + bonuses are necessary.

There are many interesting articles in the news these days that explain far better than I can, what the term "bonus" actually refers to when discussing Wall Street compensation packages.

[sfpcjock]

10. Billions in Bogus Bonuses? - PBS "NOW" Friday

http://www.pbs.org/now/shows/505/index.html"> Billions in Bogus Bonuses? - "NOW" 1-30-09

[Coexist]

11. great segment.

thank you for posting that.

[global1]

14. Wow - Thanks For The Link - I'm In Love With Bethany........

she really seems to have a handle on this mess. It's clear after listening to this program that we are in big trouble. Looks like each potential move to try and fix causes something else that is either an equal to or bigger problem. We're f***ed.

[boomerbust]

13. Forget about Cousin Eddie

I would send in Snot and let him "Have his way with them".