Do Bankers Deserve Bonuses?

Wall Street is making a comeback, but so too are some of its excesses, according to critics.

By Nancy Cook | Newsweek Web Exclusive
Jul 17, 2009

« Return to Article

Discuss

Member Comments

  • Posted By: cramer_stocks @ 07/19/2009 6:44:31 PM

    Pigs! They all tout each other's genius all the while leveraging the public's money. And couldn't we have guessed that one of Jim Cramer's favorite stocks has been Goldman Sachs (GS) for the last four years. And the truth is here, a chart of his Goldman Sachs (GS) stock picks over a two year period

    http://www.stocktagger.com/2007/09/jim-cramer-calls-goldman-sachs-gs-best.html

  • Posted By: PacificGatePost @ 07/18/2009 3:15:48 AM

    Goldman Sachs will be eternally grateful to Obama for staying out of its way. Goldman has an uncommon grasp of the joystick.

    This could be its letter of appreciation, ----

    http://pacificgatepost.blogspot.com/2009/07/goldman-sachs-thank-you-mr-president.html

  • Posted By: canniz @ 07/17/2009 1:00:50 PM

    Goldmand and JP did not "take" bailout money from the goverment, they were FORCED to take it. Get your facts straight. And with Obama's rediculous tax policy, you need to pay larger compensation packages just to keep up with paying a 99% tax rate.

    • Posted By: Hagbard Celine @ 07/17/2009 6:19:55 PM

      No banks were out-and-out "forced" to take bailout money.

  • Posted By: brydges @ 07/17/2009 2:40:36 PM

    Bailing them out was the unamerican thing, not the fact that they pay bonuses to people who work

    • Posted By: Hagbard Celine @ 07/17/2009 6:18:55 PM

      In this economy? The bonus for working should be that you keep your job.

  • Posted By: RichieWood @ 07/17/2009 6:03:27 PM

    Well at least the iPhone has come up with an app that let's you take out all your Wall St. frustrations out on the bankers. Long live Squash the $treet: http://bit.ly/1Cid3I

  • Posted By: carlyt @ 07/17/2009 5:26:34 PM

    It is time for Goldman to do the right thing and at a minimum offer the taxpayer a fair price for the warrants the government holds. And show some gratitude for being saved from the abyss. There is a related post at http://iamsoannoyed.com/?page_id=588

  • Posted By: rjgranger @ 07/17/2009 3:00:26 PM

    Both Goldman and JP Morgan recieved 100 cents on the dollar from AIG. This amonted to 10 billions. Why did the auto debt holders both secured and unsecured recieve only 20 cents on the doll;ar by Obama's auto task force. Obama, Geiother and Bernacke take care of wallstreet with the to big to fail nonsense. People ffrom Goldman are in key positions in Obama's administration. Goldman should use the 20 billion bonus money to prevent foreclosures on mortgages that they profited on.

  • Posted By: canniz @ 07/17/2009 2:42:25 PM

    Goldman and JP didnt request the TARP money or "take" the tarp money, they were forced to take it by the Gov't. get your fact straight.

  • Posted By: gariben @ 07/17/2009 2:30:13 PM

    part of it is the 401K fees that goes toward investment banking (research, trading, analysts, etc.).

    Whey do pay 1-2% fee of total invested in 401K only to have returns lower than the index. More than half of the funds can't even beat any index. The bankers should be paying us the have money invested in their funds. It's similar to a bank. They pay us for the money deposited.

  • Posted By: Divashels @ 07/17/2009 2:21:16 PM

    Where do I apply to get a job where i can screw everyone and still get bonus money ? I want that job

  • Posted By: notforsale @ 07/17/2009 2:06:50 PM

    Sure some bankers earn bonuses but a bonus should be for doing an exceptional job not automatic to everyone. I know that Congress can give themselves raises but that is wrong and private business giving themselves a raise or bonuses is wrong. If the voters want to give congress a raise fine, and if the stockholders want to give raises or bonuses fine. But unless you own the company you should not give yourself a raise or bonus. Goldman Sachs and JPMorgan Chase posted a total of $6.1 Billion profit and they set aside $11.3 billion for employee bonuses what am I missing here, the bonus is more than the profit.

  • Posted By: jiannone @ 07/17/2009 2:01:52 PM

    I think the question is: Should we have bailed them out?

  • Posted By: corwin27 @ 07/17/2009 1:31:54 PM

    Bring back the $50 hamburgers and $600 bottles of Bordeaux. There's a lot of out of work sommeliers that can use the trickledown from the $700,000 "bonus" money given to a cubicle hack with a headset and penchant for making quick deals. I agree that the bonuses should wait until they determine that the quick deals actually make money instead of losing it again. I also agree that that kind of bonus money for that kind of work makes the rest of us who actually produce something look like losers. What a country. No money for health care, but always money for the rich.

Reply

Report Abuse

Enter comments if any for reporting abuse