Daniel Gross: Why Wall Street Bonuses Will Continue to Exceed Profits

This year, compensation will again eat up something close to a majority of Wall Street's revenues. And while Goldman and Morgan Stanley have paid back their bailout funds, other large bonus dispensers still owe huge sums of money to the public. Every dollar they pay out in compensation is one fewer they can pay back the taxpayer. Wall Street's structure may have changed a great deal in the past year, but its culture has proved remarkably resistant to change. The recession didn't alter this custom. And neither will the public opprobrium, the disapproval of President Obama, or the threat of Federal Reserve oversight. Come December and January, we will continue to be shocked by the level of bonuses -- and Wall Street will continue to be shocked that we're shocked.

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