Tuesday, January 25, 2011

Taxpayers enhancing bankers wealth

Who says QE2 is an abysmal failure at generating a "wealth effect" for the broader population? Bloomberg reports that on Wall Street 56% of bankers received a larger bonus than last year. It is great that according to the Bureau of Labor Statistics the average American is also making more money than in 2009. Oh wait. Additionally, fifty percent of U.S. respondents were satisfied with the payout, while 34 percent were dissatisfied and 16 percent were neither, according to the survey.


From Bloomberg:   “Financial markets professionals have been stretched over the last two years and recruitment activity continues to strengthen,” Constance Melrose, managing director of eFinancialCareers North America, said in the statement. “There are more opportunities this year for Wall Street professionals to make a career move, and that’s true on the sell-side and more recently the buy-side.”

Bonuses decreased for 19 percent of those surveyed and stayed the same for 25 percent. Eight percent received no bonus, according to eFinancialCareers, a unit of Dice Holdings Inc. The survey was conducted from Jan. 3 to Jan. 12 and received responses from financial firm employees who knew their bonus amount.

Of the U.S. respondents who received a bigger bonus, 31 percent attributed it to their firm’s performance and 40 percent said it’s related to personal accomplishments. Of those who received a smaller bonus, 53 percent said the primary reason was firm’s performance, and 3 percent said it was their own performance.



What was omitted was that 100% of bankers would have no bonus (or base) if it wasn't for continued DC-Fed wealth transfer from the future of the eviscerated middle class.  

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