Wall Street Giving Out Bonuses

Isn't it typical of those in power in the city to push it to the typical New Yorker. Today, with millions of Americans out of work, Wall Street wants to give out bonuses. They claim the workers earned it according to the contracts they signed when they began work. In other words if a trader or broker goes pass their quota for the year, they earn bonuses. I understand that is the right of the company to do that. But with many New Yorkers out of work, do you think that is right? Do you think that is ethical?

Instead of giving out bonuses to a bunch of young brats, who really don't deserve them, give the money to the city, so the city can help the homeless, or put the money into programs to help those earning low incomes.

What do you think?
The opinions expressed here are those of the individual and not those of StreetAdvisor.
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uptowngirl 2yrs+
Hhusted this is not going to happen i.e. bonuses not being paid ..rather this year most financial companies are paying a large chunk of their bonuses in stock rather than cash ..these stock options come with various controls and restrictions in an effort to regulate the anticipated reckless spending bound to cause much heartache amongst the less fortunate. According to Lloyd Blankfein the CEO of Goldman Sachs these bonuses are necessary if the huge investment banks want to retain top talent for as you known investment banking is really not as effortless as it appears. It does involve incredible amounts of stress, hard work and sleepless nights so much so that most i-bankers invariably suffer early burnout. Moreover not all of them get the huge bonuses that you read about in the media, its only the ones at the very top who get the cream so as to speak. I remember a couple of years ago when Goldman paid out its record bonuses the media reported that on an average each employee of the bank received $600,000 as bonus pay out that was not true at all as the media had just taken the huge total bonus figure and divided it amongst the number of employees.
Funnily enough I was on the subway that very day and saw the most pathetic sight that of a homeless man who was defecating on his seat and causing an unbearable stench in the subway car. I couldn't help thinking of the irony of that day for when Goldman was paying out its record bonus there was yet another NYker living in abject poverty. As columnist of the NY post Cindy Adams says-'Only in New York, kids, only in New York'.
The opinions expressed here are those of the individual and not those of StreetAdvisor.
hhusted 2yrs+
Thanks for the post uptowngirl. You are right about one thing. The balance of wealth in this city is horrible. People in Wall Street getting bonuses while there are homelessness. Something is wrong with this picture. But I do agree that only the top producers are getting bonuses. I remember about ten years ago, I worked for a computer company selling hardware to businesses. I ran into an employee who worked there part time. I asked him why he only worked parttime. He said he worked at Wall Street for 10 years as a trader. He accommulated a lot of money. But the stress was so unbearable that he couldn't take it. So he resigned. But he didn't want to stay home all day, so he decided to be active. He claimed he did not need the money, but wanted something to do.

The one thing I would question is when they hand out stocks to those high producers, what happens when the company loses money and the stocks become worthless. There goes their bonus money. Just a point I wanted to add.
The opinions expressed here are those of the individual and not those of StreetAdvisor.

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