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New York Economy Doomed
In New York, government officials are preparing for what could be the biggest single-year decline in pay on Wall Street in history and with it a vexing shortfall in city and state revenues
It would mean about $10 billion less in taxable income and several billion dollars less to be spent on apartments, furniture, cars, clothing and services. For many investment bankers and traders, year-end bonuses traditionally account for at least three-fourths of their income. But the downshifting of the Wall Street lifestyle has already begun.
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City and State Brace for Drop in Wall Street Pay
Government officials in New York are preparing for what could be the biggest single-year decline in pay on Wall Street in history and with it a vexing shortfall in city and state revenues.
turn into this one
Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
Nov. 19 (Bloomberg) -- Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.
Anyone care to take a stab and explain this one?
Last edited by PatriotsReign; 08-05-2008 at 12:33 PM..