Wall Street Suffers Existential Crisis As Bonuses Dry Up

New York Magazine:

Banks have always had occasional bad years, but the sense on Wall Street is that this bad year is different. Over the past several weeks, I have had wide-ranging conversations with more than two dozen senior Wall Street executives, traders, bankers, hedge-fund managers, and private-equity investors. And what emerged is a picture of an industry afflicted by a crisis it would not be flip to call existential.

Read the whole story: New York Magazine

Comments

[stargazer13]

12:00 PM on 02/06/2012

they way of the wind

is where it all goes

could the out come have been different !

sure !
but that window has come and gone !!

why ? because all consumer capital was spent making profits

and now there is none left to even make a decent rally !

[missprissanna]

11:01 AM on 02/06/2012

The working class on Main Street will never be the same either. We just have to adjust and forget about complaining.....it's all our fault, we've been told over and over......

We should be happy to work occasional day labor for slave wages or several part time jobs to feed and house our family. We MUST accept cuts to social security, medicare/caid and all other safety nets....because you know, "we're Broke" Mr. Boehner said there will be no tax increase, these cuts MUST be made to pay for the wars. The working class has done all the suffering and all the sacrificing.

So what if Wall Street is never the same, it's way past time that they have to get used to this new normal bs, they created. Those at the top have suffered none and given up nothing so far, it's time for them to do their part.

[norkas]

09:34 AM on 02/06/2012

Banks must learn to operate as they did years ago by hiring and paying for brilliant loan officers and executives that are visionaries.

This will lead to investment in innovation and startup companies that have powers the America economy in the past . The banks packaged garbage as did others and made easy money often gambling that is only done in a casino and making sure we picked up the tab .

Bank executives should be rewarded for their performance for their bottom line investments and success while loan officers who make great strategic successes should be well rewarded as well.

We must reconstruct the mentality of bankers and they must understand that we need successful loans to innovative business that will bring the respect and dignity back to banks.

Banks must attract and pay for brillant minds who have the solutions we need so badly.