Wednesday, November 07, 2007

There is justice in the world

From today's NY Times. Read it and weep [crocodile tears]:

"Wall Street bonuses may be the latest victim of the subprime mortgage collapse and the tight credit market. Over all, bonuses are expected to be flat to down 15 percent, according to compensation experts and Wall Street executives...

But this year, bonuses for some fixed-income professionals, who have been the kings of Wall Street for more than six years, will fall 5 to 20 percent, say analysts and Wall Street executives, while investment banking is expected to be up about 10 percent."

2 comments:

Anonymous said...

This is justice? They really should lose their job. 20% decrease still means millions in bonus, last year they wall street got bonus averaging 52 weeks of salary!

Keith said...

I hear you.

If it's any consolation, the article also said stock was going to be a larger part of this year's bonus and, considering the huge egos involved, any cut is a huge cut psychologically.