Wall Street's Record Bonuses Return: Analysts Predict $30 Billion In Bonuses At Big 3

Bloomberg:

Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.'s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year.

The firms -- the three biggest banks to exit the Troubled Asset Relief Program -- will hand out $29.7 billion in bonuses, according to analysts' estimates.

Read the whole story: Bloomberg

Comments

[TradeLosses]

Lets all pray that the health care bill doesn't get stonewalled in the Senate...

good articles; http://financeopinions.blogspot.com

This is just one step in a staircase of much needed reforms after 8 years of destruction.

[Loveforlife]

The fact that anyone is surprised by this doesn't surprise me. Not for a second.

[autumncolors]

{How many here complain but do business with the big banks? Have money in 401K's that invest in the crooked companies? You vote with your dollars. Money talks and...well you know the rest.}}

Not a valid point.
The whole system is made up of crooks. Can you just opt out of living in this society? I hope not!

[Kassandra]

Very few realize this, but America and UK are really the only countries going into a depression because we absolutely will not let go of the "free market/supply side" economic paradigm Reagan/Thatcher foisted off on our countries...altho I hear Merkel is flirting with privatization.

Wanna know how the other countries managed to avoid a depression? Well they sure didn't take away their citizens rights to do it, that's for sure. And they made the banks lend the money to the citizens and that creates jobs., not hoarding it like Midases.
Money has to circulate to work, not end up in the hands of a few who then use their power to oppress the rest of the population.
This, plus the rise of right wing christainity and the hate movements is destroying what used to be the best society in the world.
Americans used to be pretty good people...arrogant, for sure, we still are that tho we have no reason to be. But we were open handed and generous with each other and each other's beliefs and lives.....mostly... and we tried. We've stopped trying and instead blame everyone but those to blame for our woes and we NEVER look outside the country to see what others do that works.

We've allowed narrow, bigoted, greedy men to destroy our society. We must take it back, or this Depression may well be the end of America

[MayorQuimby]

How many here complain but do business with the big banks? Have money in 401K's that invest in the crooked companies? You vote with your dollars. Money talks and...well you know the rest.

[vet64]

Time for another revolution dontcha think? The rich get richer and the poor get poorer. The rich are the Neo Cons who pay the bribes to the Republican, Democratic, and Independent legislators and the officials in the Executive, Legislative and Judicial Branches of our government. They keep the profits that are taken form our taxes and give them to the Neo Cons and their conglomerates and ultimately themselves since they are past employees or will go to work for the same Neo Cons. Taxation Without Representation.
Get rid of all of them and their Neo Con United States Supreme Court Justices who legalized the Conflict of Interest and Collusion!

[autumncolors]

{{They exited TARP, they can do whatever they want with their money. Despite the overall negatives in the financial market these three firms have done well. I see no reason why their employees shouldn't be rewarded. They work hard. 90-100 + hours a week, high stress position with constant pressure. If they do well and make the company money then sure give them a bonus for their hardwork. Makes sense to me.}}
So let me get this straight: ONLY these guys are working hard and are talented. If these firms let go of them, they can go anywhere in the world and make the same amount of money??!!! You have got to be kidding!
The act is bonuses ate taxed at 15% whereas those which make around $75,000/ per year pay taxes at a higher rate.
The fact is nobody else in the world will give them that kind of salaries.
The fact is there are talented, hardworking and bright people in every field.

[breakingpoint]

I got Sachs, USB,JP,and CITI down, but what's up with Wells Fargo?

They've been in the shadows and little has been said about them, anyone have a link to their dirty laundry dealings in this crisis?

thanks

[AJH]

I'ld be dismayed if their continual greed wasn't the one shot we've got at getting them regulated.

[jsarets]

Comcast and GE agreed today that NBC Universal is worth $30 billion. So three Wall Street banks are paying annual bonuses equal to the value of one of the biggest media and entertainment corporations in the world. Just to put things in perspective...

[Chris]

What is wrong with companies paying for doing well?

If you have a goal of 5 million and you generate 10 million doesn't the employee deserve to be rewarded?

[jdlund]

I know many around here are going to jump all over you, but I agree with you. They are no longer being funded by tax payer money. They exited TARP, they can do whatever they want with their money. Despite the overall negatives in the financial market these three firms have done well. I see no reason why their employees shouldn't be rewarded. They work hard. 90-100 + hours a week, high stress position with constant pressure. If they do well and make the company money then sure give them a bonus for their hardwork. Makes sense to me.

And yes these companies want to give high incentives to attract the best and brightest in the field. They aren't doing easy work. And yes there are very talented investment bankers and market strategists and so forth and there are not so talented ones. No they aren't all responsible for what went wrong and they aren't all crooks and they aren't all evil.

Who cares what someone else makes for a living. Focus on your own life. Unless your tax money is paying their salary (which right now it's not), why waste your energy on caring?

[washlib]

WHY? Because they are insiders making BILLIONS in ill gotten gains by circumventing laws with holes specifically designed for them by their lobbyists. Their nanosecond trading system itself should be enough to shut them down, but they've paid off a lot of politicians to keep them in business and always on top when markets fail.

They don't deserve the $$ because they did it by gaming the market, effectively SCR3WING normal small investors.

[BambooHarvester]

Ghoulman Sux !
~

[BlueZoo]

This morning, on Dylan Rattigan's "Morning Meeting," it was said that the real problem exists in Americans not "going Howard Beale" and getting mad as hell! I believe that is correct. How many HuffPosters actually have either written or called their congressmen over this issue? Not too many! You gripe and complain but do nothing about your concerns but gripe and complain, It's no wonder our Congress and Wall Street believe they can do whatever they want, whenever they want! I've called and e-mailed my congressmen and, unfortunately, they are Republican and my complaints fall on deaf ears. The main thing, however, is I actually did something! What about YOU?

[Suggie]

Why should anyone write their congressman? These organizations no longer take our tax dollars, therefore we do not and should not have anything to say about their pay.

[BambooHarvester]

God dam money changers !
~

[Suggie]

And yet I bet you love Soros.

[AnotherMcIntosh]

It's a good thing that we have a Democratic Administration rather than a Republican one.

That way, we can be sure that either (1) none of the money is going back to the politicians or (2) if money was going back to the politicians and if Obama only knew about that, he would take corrective action.

Of course, if anyone expects this Administration to do more to prevent the friends of the billionaires from giving money to the billionaires and the billionaires from rewarding their political friends, they should be reminded by the more-suppo­rtive-than­-thou crowd that:
(a) Obama hasn't had enough time because he has only been in office for 10 1/2 months,
(b) he's a brilliant chess player and things would have been worse under McCain, and/or
(c) he has been too occupied accomplishing other things and no one should not expect miracles.

/ sarcasm off