Big Money on Wall Street
Want to pull down the big bucks? Floyd Norris advises you to get a job on the street of dreams:
“Wall Street incomes are surging back. The government reported this week that the real wage and salary income of finance industry employees based in Manhattan rose nearly 20 percent in the first quarter of this year. That surge helped make Manhattan the fastest-growing county in the United States in terms of terms of year-over-year gains in income.
Most Wall Street firms pay bonuses in the first quarter of each year, and the figures indicate that bonuses were much higher this year than in the same quarter of 2009. Then, of course, the financial crisis was at its most severe, with stock prices at 12-year lows and major banks being bailed out. It was not a good time to be paying bonuses.”
Some things never change!
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Source:
Want a Big Raise? Get a Wall St. Job
FLOYD NORRIS
NYT, October 22, 2010
http://www.nytimes.com/2010/10/23/business/23charts.html
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October 24th, 2010 at 12:22 pm
If you can’t beat ‘em, join ‘em.
Or write your own algos. I.e., if you can’t join ‘em, beat ‘em.
October 24th, 2010 at 12:41 pm
Top deck on the Titanic was going cheap in the first hour…nice white suits on the cheap as well as the original owners took the first life rafts.
October 24th, 2010 at 1:10 pm
This is so wrong on so many levels, I don’t even know where to start…These guys truly are “Robber Barron’s”…no only have things not changed, they have gotten worse after the bailouts. Most Americans are suffering one way or another while these greedy mother^$*@!*s are still raping and pillaging…That’s the way it was in France back in the late 1700′s…just before the guillotines came out…
October 24th, 2010 at 1:16 pm
No worries or need to replay some ugly history on Nations and Economics. Billy Ray Valentine had the answer in “Trading Places” (1983) There is no worse punishment for the bloodless twits that suck off the wealth of hard workers than to take away all their money.
October 24th, 2010 at 1:36 pm
Considering the subsidies from the Fed, the banks if anything, should be doing even better.
October 24th, 2010 at 2:56 pm
Or start a business in California. The LA Times reports that the real tax rate for corporations in California is 4.7%, which is lower than “liberty luvin” states like Texas, Florida, and Alaska.
http://www.latimes.com/business/la-fi-adv-biz-taxes-20101024,0,3837807.story
October 24th, 2010 at 7:59 pm
can’t wait for “The Report”
http://www.bloomberg.com/news/2010-10-24/wall-street-firms-created-tragically-deficient-products-angelides-says.html
October 24th, 2010 at 8:29 pm
Geez. And, I swore not to engage with the lefties here…..
Franklin411@2.56pm: That article you linked to….
“California takes about 4.7% of what a business produces in taxes — which happens to be the national average. The government take is higher in Alaska (13.8%), New York (5.5%) and Florida (5.3%). Even Texas, known for rolling out the red carpet for business, pocketed more than California — 4.9%.”
That’s awesome brother. California meets the national average on business taxes but sports one of the highest personal income taxes in the country. Fantastic!!! Sign me up.
Please note that there are ZERO personal income taxes in those states you mentioned as “liberty luvin” (Texas, Florida, AK), so you are clearly making an Apples to Oranges comparison. [In fact, in Alaska residents receive money back from the State from the Alaska Permanent Fund Corporation.]
One of the main reasons California’s “effective tax rate” on Corporations in lower is because of all the various “Tax Credits” that CA issues (to drive the “right” kind of behavior no doubt). Unfortunately, the CA State Controller had this to say: “A lot of the tax credits are given to larger business, and frankly, individuals and medium- and smaller-sized business have to pay higher tax rates,” state Controller John Chiang said.
So, yeah….maybe it’s not so great to form a small or medium sized business in the “Golden State.”
Take your drivel and move on down the road.
October 24th, 2010 at 10:09 pm
@Andy T Says:
October 24th, 2010 at 8:29 pm
Geez. And, I swore not to engage with the lefties here…
———
Andy, how do you know who is a Leftie…and aren’t you open enought to give your thoughts (as you did in your reply) rather than to judge folks here?
DIALOG….! Why cut it off with putting people into boxes that you assume they fit into? ??????
October 24th, 2010 at 10:12 pm
If you can’t beat ‘em, join ‘em = well, everyone was doing it.
October 24th, 2010 at 11:53 pm
TakBak04:
If you don’t realize that Franklin411 is idealogically to the “left of center” in terms of politics, then you haven’t been reading any of his posts.
That stated, there is nothing wrong with being a “lefty” or a “righty” or a “crazy Libertarian” or a whacked “Tea Party” person. We still live in a relatively free spot on the Globe–you can be whatever you want be.
I’ve sworn off engaging in these kinds of debates here as it’s useless. However, people who directly misrepresent/misinterpret their very OWN links/stories/facts get me to come out….
Franklin misrepresented some other facts on business in California a few nights back and we had some discussion on the matter then. It’s becoming a “tired road” now….
October 24th, 2010 at 11:54 pm
That ain’t working, that’s the way you do it. Your money for nothing and your chicks for free.
October 25th, 2010 at 3:46 am
Pre crisis in 2007 Wall Street bonuses were 100 billion, this last round of bonuses were 144 billion up 4% from last year.
http://online.wsj.com/article/SB10001424052748704518104575546542463746562.html
Nothing succeeds better than total failure on Wall Street
October 25th, 2010 at 8:55 am
I WANT OUT OF WALL STREET
I say anyone over 50 that can pay off their mortgages with their retirement funds do so now. Get out of wall street and let the big boys (the 1%) have at it. In exchange for giving the banks some real(?) cash, waive our penalties for early withdrawal. If the big boys can keep the market (and big corporations) going on their own, maybe we’ll jump back in after a year or two of saving. We will remain debt free and resist the urge to refinance and stimulate (buy crap) the economy. Since we’ll be mortgage free, we will save up our money and decide if we want to get back in. Maybe we’ll just stimulate our local economies only. If they don’t want to play nice (keep jobs here), why would we want to be a shareholder?
October 25th, 2010 at 1:26 pm
honestly, based on this data, i am surprised more by the number of financial workers than by what they make. i would have guessed they made even more, on the average. but why do we need 400,00k of them doing it? i mean, bloat would seem exactly how the financial sector has come to soak up more and more of GDP without adding additional main street value.