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Economy-Killing Wall Street Bonuses
Americans are furious about Wall Street bonuses. They believe these rewards are massively excessive, undeserved, and in the current economic environment totally inappropriate.
All true. But what should really be getting people angry is that these bonuses in large measure are responsible for this country’s present economic woes.
The size of Wall Street bonuses have long been linked to the income a given trader or other Wall Streeter brings in to his or her company’s coffers. And these bonuses are doled out at the end of the year. Think about that. To get a big bonus this year you need to bring in big money this year. If your strategy involves long-term planning you don’t get the big bucks.
The Wall Street bonus mania is thus intimately linked to plans and schemes that kick out quick cash. Which almost always involves gimmicks rather than careful efforts over years and years.
The Wall Street bonus game is a proven economy-killer. The self-proclaimed “best and brightest” who have long played it to their own great advantage should be let go. Bring on the plodding, salaried, non-bonus receiving, gradual builders of long-term prosperity.
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One Response to “Economy-Killing Wall Street Bonuses”
“Bring on the plodding, salaried, non-bonus receiving, gradual builders of long-term prosperity.”
Many of these long-term builders of prosperity also receive bonuses. Just not the same as the sales guys or upper management.
I think bonuses are fine. But they also need to be reasonable, say a percentage of one's salary… perhaps 10 to 25%. And the salary needs to be reasonable, too.
What's also outrageous is when upper management gets high salary increases and bonuses when they lay-off and underpay much of their staffs. If a company needs to lay-off people then upper management should forgo any salary increases and all bonuses.