Big Bonuses for Wall Street

Post by: Lily Chung

Wall Street has always been known to pay incredible amounts of bonuses to their employees and that is still true during this time of financial crisis. Even after 2008, which was filled with one bad occurrence after another, the bonuses were still on schedule. It has been a big controversy over how Wall Street was still able to pay out bonuses, especially when there had been multi-billion dollar bailouts for some of the most prominent names in business. "Some bankers took home millions last year even as their employers lost billions."

Investigations have been going on to figure out whether the bonuses were being paid with taxpayers money. Obama has expressed strong feelings towards punishment for those that have used bailout money or taxpayers money to pay bonuses. Citigroup had to cancel their plans to buy a $50 million corporate jet.

During a time of financial crisis, which resulted in thousands of jobs cut, companies were still able to pay their employees bonuses. But in the companies defense because of the job losses, 'there are fewer people sharing the small pot'.

Sources:
What Red Ink? Wall Street Paid Hefty Bonuses
DiNapoli: Wall Street Bonuses Fell 44% in 2008
Despite Turmoil, Wall Street Bonuses Survive