02/28/2009 05:12 am ET Updated May 25, 2011

Wall Street Paid Out Large Bonuses In 2008, Despite Recession

By almost any measure, 2008 was a complete disaster for Wall Street -- except, that is, when the bonuses arrived.

Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.