Bonuses at Morgan Stanley, JPMorgan, Goldman Hit $30B
Average payout will be five times median household income in US
By Jane Yager, Newser Staff
Posted Nov 9, 2009 4:55 AM CST
Goldman Sach's headquarters in New York.   (AP Photo/Mark Lennihan)

(Newser) – Recession? What recession? Some Wall Street firms are not feeling any pain this year as record bonuses at just three of the top firms are likely to hit an eye-popping $30 billion. Goldman Sachs, Morgan Stanley and JPMorgan Chase, the three biggest banks to be bailed out by the feds, will dish out bonuses to 119,000 workers at an amount averaging $250,000 for each.

That's about five times the median household income last year in the US. “Wall Street is beginning to resemble Clark Gable as Rhett Butler in Gone With the Wind: ‘Quite frankly, my dear, I don’t give a damn,’” says a compensation expert. “It doesn’t seem as if political threat, disastrous PR, envy, rising unemployment rates, and home repossessions is enough to get any of these people to refuse the bonuses they have ‘earned.’”

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Showing 3 of 8 comments
tomodachi
Nov 9, 2009 12:49 PM CST
The US financial industry is disgustingly brazen in their greed. I bet they think they deserve this... I bet they still haven't cleaned up their obligations from their toxic debt. Are they too big to fail?
cochiserocks
Nov 9, 2009 11:25 AM CST
What happened to the tax on bonuses the White House was pushing for?
Spudsy
Nov 9, 2009 9:35 AM CST
I keep hearing that the companies have to pay the bonuses or they will lose the employees. Well, these employees LOST billions of dollars. Are these the best employees they can get? And where would these valuable employees go with a record like that? Walmart greeters? There is 10 percent unemployment out there. These ass clowns aren't going anywhere. Cut the bonuses.