U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-27-2008, 10:10 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,168,385 times
Reputation: 6374

Advertisements

That's gonna leave a mark.

**********************

For traders accustomed to receiving bonuses of as much as $500,000, the ramifications of the pay cuts are “huge,” Mr. Marcello said. “That’s the base of most people’s compensation.”

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.

http://www.nytimes.com/2008/07/26/ny...hp&oref=slogin
Reply With Quote Quick reply to this message

 
Old 07-27-2008, 10:35 AM
 
Location: America
6,987 posts, read 15,766,746 times
Reputation: 2073
it sucks for my hometown but it will bring in the much needed correction!

Quote:
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.
Reply With Quote Quick reply to this message
 
Old 07-27-2008, 10:40 AM
 
Location: Heartland Florida
9,324 posts, read 24,267,347 times
Reputation: 4927
A great start, but we have a LONG way to go!
Reply With Quote Quick reply to this message
 
Old 07-27-2008, 02:08 PM
 
19,098 posts, read 20,668,871 times
Reputation: 8384
I will believe it when I see it... until then, just smoke and mirrors...
Reply With Quote Quick reply to this message
 
Old 07-27-2008, 03:46 PM
 
69,360 posts, read 57,147,172 times
Reputation: 9371
Quote:
Originally Posted by tallrick View Post
A great start, but we have a LONG way to go!
What exactly is it a great start of?
Reply With Quote Quick reply to this message
 
Old 07-27-2008, 06:32 PM
 
Location: Heartland Florida
9,324 posts, read 24,267,347 times
Reputation: 4927
Quote:
Originally Posted by pghquest View Post
What exactly is it a great start of?
The less money that goes to Wall Street, the better the economy will be. I hope it is the start of the end of the finance-based economy.
Reply With Quote Quick reply to this message
 
Old 07-27-2008, 06:36 PM
 
2,541 posts, read 10,527,256 times
Reputation: 968
these hedge fund managers do not deserve it anyways

same goes with most of the top managers at the big Comps

That money should go out the shareholders in the form of dividends, or back into the interest bearing accounts of clients
Reply With Quote Quick reply to this message
 
Old 07-27-2008, 11:22 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,168,385 times
Reputation: 6374
Interesting point...but isn't the reasoning behind it to offer the best, so you get the best? From reading the article (and other sources) It seems there is a glut of talent available now. In other words more supply/less demand.

I feel for those realtors out there. 18 billion dollars in the local economy? That's the GDP of a small country.
Reply With Quote Quick reply to this message
 
Old 07-28-2008, 01:13 AM
 
Location: Backwoods of Maine
7,256 posts, read 8,580,784 times
Reputation: 19674
Quote:
Originally Posted by 70Ford View Post
...but isn't the reasoning behind it to offer the best, so you get the best?
I don't know about you, but I don't get up in the morning expecting to do less than my "best" at work! Folks all over this country get up every morning and go to work to do their "best". We generally get compensated according to how well we do, with a small percentage bonus at the end of the year. NO WAY do we get anything like these Wall Street types, and yes, I do think it is way overdone, that money should go back to the investors. Wall Street should learn to live on its salary, just like the rest of us. Too much greed, too much hubris.

Just how well are these guys doing now? Not well enough for the big bonuses, huh?
Reply With Quote Quick reply to this message
 
Old 07-28-2008, 03:05 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,168,385 times
Reputation: 6374
Quote:
Originally Posted by Nor'Eastah View Post
I don't know about you, but I don't get up in the morning expecting to do less than my "best" at work! Folks all over this country get up every morning and go to work to do their "best". We generally get compensated according to how well we do, with a small percentage bonus at the end of the year. NO WAY do we get anything like these Wall Street types, and yes, I do think it is way overdone, that money should go back to the investors. Wall Street should learn to live on its salary, just like the rest of us. Too much greed, too much hubris.

Just how well are these guys doing now? Not well enough for the big bonuses, huh?
I always do my best. Otherwise...it's not worth doing. You'll just end up doing it over..and probably waste more effort than you originally would have exerted. There's been times where I felt I wasn't being adequately compensated for the amount of work I was doing. I asked for more money and if an amicable deal wasn't reached..well.. there's always the door, isn't there?

I expect these astronimical sums were used to lure talent and the keep talent. Yes..to get that money, they would have to continue to do their best (Or be replaced by the next hotshot). But they also used them as a recruiting tool.

Incidently, I hope you don't expect waiters and waitresses to live on their salary. They live on salary + tips. These people lived on salary + bonuses.
I'm not saying the way service people are paid is right (in fact, I think it is stupid) but I'm saying it is what it is.

Perhaps a restructuring of the salary/bonus structure might be forthcoming out of this? Now, if they could just pay the waitress a decent wage.....
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 05:13 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top