WSJ: As Revenues and Profits Grow, Wall Street Pay Will Hit Record $144 Billion
- Posted on October 12, 2010 at 11:16am by
Jonathon M. Seidl
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Pay on Wall Street is on pace to break a record high once again, according to a study conducted by the Wall Street Journal.
About three dozen of the top publicly held securities and investment-services firms, the Journal says, are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009.
But rising compensation is accompanied by rising revenues and profits, too. According to the study, Wall Street revenue is expected to rise 3%, to $448 billion from $433 billion while profits are expected to increase to $61.3 billion for the firms surveyed, which still falls about 20% short from the record 2006 levels of $82 billion.
“The pay numbers show that firms, benefiting from low interest rates and strong international markets, continue to base their pay on economic and market conditions rather than the level of pressure coming from regulators in Washington and overseas,” the Journal reports.
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starman70
Posted on October 13, 2010 at 11:46amHey, has anyone mentioned that this headline is just a smokescreen to get the voters minds off the real problems created by Obama and his commie cronies?
Liberals love to dig up headlines like this to create hatred for Wall Street businesses, splash them across the mainstream media in order to foster a “Hate Wall Street and vote Democratic” mindset.
The Democrat’s mantra, “We will clean up these usurpers of money on Wall Street” works only till the same Wall Street fat cats start contributing to the Democratic party’s coffers.
Funny, many of these same firms received TARP funds because they were,“ Too big to fail”. Who are the real villians here?
Report Post »hagar
Posted on October 12, 2010 at 6:09pmThanks to Crony capitalism previously called facism
Report Post »BoilitDown
Posted on October 12, 2010 at 5:31pmHow’s that financial reform bill working for us? Yeah, that’s what I thought. Corrupt Wall Street cronies gained from that bill. Wall Street must be surgically removed from our government. Limited government and term limits would go a long way toward that goal.
Report Post »I may join the Tea Party after all.
HKS
Posted on October 12, 2010 at 4:17pmThat whole market thing is a hoax as in this world their is no reason for it to be above 7,000. Anything more is a mirage. Just stand clear, when the idiots quit buying and selling to themselves that’s where it will be. Don’t fall for the game, they keep it up there to suck you in.
Report Post »swigs
Posted on October 12, 2010 at 10:07pmI could be wrong but I have a feeling the only ones propping up the market are the zombie banks with our tax money. Now that I think about it the only thing keeping the commie states afloat is the stimulus and the bailouts.
Report Post »Jamestown
Posted on October 12, 2010 at 2:30pmCT NY DE MA ILRI WV WA QR CA NV…THE UNITED STATES WHORES
Report Post »Cemoto78
Posted on October 12, 2010 at 9:13pmYou left out Michigan, Oregon, Vermont, and all the other progressive warehouses.
Report Post »Jamestown
Posted on October 12, 2010 at 2:22pmRINOS ARE NEXT…WE KNOW WHO THEY ARE
Report Post »sWampy
Posted on October 12, 2010 at 2:18pmWhen the Obama administration declares war on any business you can expect it to flourish. Oil companies, record profits, insurance companies record profits, wall street record profits, banks record profits. Kind of reminds me of brer rabbit.
Report Post »Carolyn
Posted on October 12, 2010 at 1:02pmSomebody somewhere is gonna feel bad that you made money and haven‘t had time to find a way to get it back into the economy and then somebody’s gonna feel bad that they feel bad and maybe go on a search and rescue mission to save everyone you forced into spending that money on you…. If you just kindly fork over your bonus it saves all that energy, which can certainly only benefit the planet, even if it does nothing for that dreaded economy….Hope that answers your question, but in case you don’t like that answer, remember, I’m all for you keeping your bonus. I’m not a big fan of the change!
Report Post »RoyHowell
Posted on October 12, 2010 at 11:59amLet’s understand some numbers.
Report Post »If I sign an agreement to make your company $3 million dollars in profit for a base annual salary of $175,000 and you agree to give me an added 20% bonus for every dollar in profits above the $3 million and then I make your company $7 million in total profits my salary is still $175,000 and my bonus is $800,000 but I’m not entitled to my bonus? Why?
msgal1018
Posted on October 12, 2010 at 12:27pmSome will never understand logic and common sense! Gone are the days a contract means anything. Big Government has taken that away!
Report Post »sWampy
Posted on October 12, 2010 at 2:16pmIt’s a class warfare tactic used by the left. It does piss me off that these bonuses don’t seem to get taxed as income but is tax at a much lower rate, where if a normal person works overtime or gets a bonus it’s taxed as income kicking them into a higher tax bracket over all. We really need a flat fair tax rate, not this regressive progressive crap.
Report Post »Cemoto78
Posted on October 12, 2010 at 9:10pmSwampy,
You are right on the MONEY! Time to rid ourselves of the IRS and get a flat tax for all. This way everyone pays the same percentage and the class warfare is over. I don’t fault anyone for making a lot of money, but what I don’t like is the socialist “spread the wealth around crap” from these politicians. Obama and his henchmen have never worked any where but in government, why would we want to listen to these over educated idiots. I don’t mind paying my share, but when you take the share I pay and feel free to spend it on some jackass who only goes to his mailbox every month to pick up a check from the government, I’ve got to draw the line.
Report Post »starman70
Posted on October 12, 2010 at 11:25amWatch out WALL STREET! Obama and the tax man commeth!
Report Post »Jamestown
Posted on October 12, 2010 at 2:01pmGO STRAIGHT TO HELL WALL STREET…ITS 70 BILLION YOU STOLE FROM TAXPAYER…YOU HAVE NO SPINE JUST GREED…people will fight the thief first..j.us watch and s…youe wife is a whore spending my moneyee
NoName22
Posted on October 12, 2010 at 11:23amOnly a fool thinks this is good news.
Report Post »john seven eighteen
Posted on October 12, 2010 at 11:22amNow there’s some fuel for the fire!!
Report Post »Peabody
Posted on October 12, 2010 at 11:21amGE Gets $25M in ‘Stimulus,’ Cuts 18,000 Jobs…
Obama Administration Gave General Electric—Parent Company of NBC–$24.9 Million in ‘Stimulus’ Grants
Monday, October 11, 2010
The Obama administration gave corporate giant General Electric—the parent company of NBC–$24.9 million in grants from the $787-billion economic “stimulus” law President Barack Obama signed in February 2009, according to records posted by the administration at Recovery.gov.
Despite getting $24.9 million from U.S. taxpayers, GE decreased its U.S.-based employees by 18,000 in 2009, according to the company’s 2009 annual report.
According to Standard & Poor’s, GE took in $156 billion in revenue in 2009.
Report Post »TheyTookOurJOBS
Posted on October 12, 2010 at 2:58pmthey TOOK our jobs?
Report Post »starman70
Posted on October 13, 2010 at 11:31amWhat do you expect, the Chairman and CEO of G.E. was a very ardent supporter and contributor to the Obama campaign.
They used the stimulus money to create jobs alright – - OVERSEAS!
Cheap labor =s huge profits!
Report Post »Peabody
Posted on October 12, 2010 at 11:21amgotta get this in
U.S. Chamber of Commerce should sue both Obama and Joe Biden for there
malicious remarks about spending foreign money on political activities.
They are not above the law and the U.S. Chamber of Commerce can let them know that you just can’t use slander.