Wall Street Pay For 2010: A RECORD $144 Billion

Wall Street says thanks for the bailout, suckers!

Not picking on Art Cashin.

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• From the WSJ (free article with data, infographics, all the details)

Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal.

About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.

The data showed that revenue was expected to rise at 29 of the 35 firms surveyed, but at a slower pace than pay. Wall Street revenue is expected to rise 3%, to $448 billion from $433 billion, despite a slowdown in some high-profile activities like stock and bond trading.

Overall, Wall Street is expected to pay 32.1% of its revenue to employees, the same as last year, but below the 36% in 2007. Profits, which were depressed by losses in the past two years, have bounced back from the 2008 crisis. But the estimated 2010 profit of $61.3 billion for the firms surveyed still falls about 20% short from the record $82 billion in 2006. Over that same period, compensation across the firms in the survey increased 23%.

"Until focus of these institutions changes from revenue generation to long-term shareholder value, we will see these outrageous pay packages and compensation levels," said Charles Elson, director of the Weinberg Center for Corporate Governance.

Firms surveyed said it is too early to comment on 2010 compensation levels. Many firms say that if they don't adequately compensate employees, they risk losing top talent.

• Continue reading at the WSJ - free article...

And this is extremely well done...

• Check out the infographic

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Video - Nomi Prins on foreclosure, banks and Wall Street pay

For those who don't know, Nomi is a former Goldman Sachs Managing Director. Much more inside including an excellent WSJ infographic on the bonus pigs of Wall Street.

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New Slideshow - From Time Magazine - See a pic of Bernanke at age 13, hair slicked back, playing the saxophone - This is a True Must See 

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Update on Jan 15, 2011 at 4:58 PM by DailyBail

updated with new video from nomi prins...

Comments

[DailyBail]

FASB Proposes Debt Restructuring Reporting Change

http://www.cnbc.com/id/39636432

[DailyBail]

Social Security announced that there will be no increase in benefit levels for another year. The reason? Deflation. Based on the Cost of Living index no increase in checks is justified. You might get an argument on that from the 60+% of the beneficiaries whose primary source of income is SS. This will impact the macro economic picture.

http://www.zerohedge.com/article/no-cola-bernanke-gets-trumped

[DailyBail]

http://www.telegraph.co.uk/earth/earthpicturegalleries/8058781/Photographers-risk-their-lives-to-take-stunning-images-of-lightning.html

Beautiful picture of lightning...

[DailyBail]

America Needs an Intervention

http://www.ritholtz.com/blog/2010/10/truth-consequences/

Good one from Barry...

[DailyBail]

Larry Summers and the Subversion of Economics

http://chronicle.com/article/Larry-Summersthe/124790/

Read this...

[DailyBail]

Watch Out for ATM Skimming

http://online.wsj.com/article/SB10001424052748704442404575542652417958106.html?mod=WSJ_hp_mostpop_read

[Aint Bullshittin']

Unless they get their take in payments of PHYSICAL GOLD...they are SCREWED just like us....SUCKERS...welcome to QE2 boyz...Booo-Yahhhhhhhhhhhhhhhh-------------------AB

[josie]

I just don't get it. The SEC settles all these civil cases for mere pittances and the perps walk free...GS (the fabulaous Fab and others), AIG (Cassano-this is UNBELIEVABLE), Countrywide (Mozilo), etc., etc.

Where are the orange outfits? There is no criminal fraud in these cases? Where the F*@# is the Justice Dept?

This whole thing makes me want to puke!

[Sagebrush]

We are living in a time when Crooks run the government from bottom to top. They will never investigate or file charges against themselves or their benefactors. The whole Criminal Justice System has been compromised.
Consider, they want to ignore the Constitution and and hammer Julian Assange for exposing the truth.
A man gets eight years in prison for shoplifting a sandwich, admittedly it was his third offense but consider this. Fraud, Conspiracy, and extortion in the trillions committed by the big shots on Wall Street and aided or covered up by the Federal Reserve and the government. No one goes to jail and they are still at it courtesy of the U.S. Congress. Record bonuses on Wall Street and to big to fail hangs over the country like a cloud of economic doom.
We are totally screwed.

[Dr. Pitchfork]

Sage,

Didn't you hear the Rev. Obama the other day? We're all in this together -- one big, happy democratic family. And don't you know a little girl was shot to death? For heaven's sake, why haven't you "changed your tone" already?

[Sagebrush]

Hi Doc,
I changed my tone when I left those sheeple shearing sheds called the Democratic and Republican parties. I hate that the little girl got killed. But, that doesn't change the fact. Our government is completely corrupt. As I said before, We are being screwed bigtime and nobody is gonna give us a kiss afterward except to kiss us off.

[DailyBail]

53 Dumb Crazy Stupid Laws

http://lonestarwatchdog.blogspot.com/2011/01/53-dumb-crazy-stupid-laws.html

[DailyBail]

HOW MANY SENATORS DOES IT TAKE TO SCREW A TAXPAYER? (Featured Article)

http://www.theburningplatform.com/?p=9361

[Michael Rivero]

See Fallen Dead Birds Eaten by America’s Homeless

theintelhub.com/2011/01/15/fallen-dead-birds-eaten-by-americas-homeless-2/

[Dr. Pitchfork]

Thanks for the link, Michael. Crazy story.

Also, if you haven't already, everyone be sure to check out What Really Happened
http://whatreallyhappened.com/

[john]

@ Dr.Pitchfork, You do great work here and I agree that Mike Rivero has a really good site (WRH)

http://whatreallyhappened.com/

I too would recommend that people check it out.

[redporch]

These bastards nearlt ruined me...

http://4.bp.blogspot.com/_eeYt1gOHtiQ/TTEMK-yk6TI/AAAAAAAAAds/pmU1OaYaK4A/s1600/v9+Morning+edition.jpg

http://4.bp.blogspot.com/_eeYt1gOHtiQ/TTEMy5GZ-qI/AAAAAAAAAdw/k25D5ZLs7us/s1600/v9+Afternoon+edition.jpg