Big Bonuses on Wall Street
Does it pay to work 100+ hour weeks dealing with every country under the sun to help create profits for investors? Apparently it does.
The market has had an unprecedented year of growth, beating out the initially bearish outlook that 2006 was supposed to have. Traders, management and executives at many major financial firms, most notably Goldman Sachs, will reap the benefits into the millions of dollars. It’s raising eyebrows at the seemingly frivilous bonus payments. $25 million+ in bonuses are going to executives, all the way down to 4x salaries for middle management.
There is something skewed in the perspective of these firms, I think. Granted, these individuals work extremely hard, deal with millions, maybe even billions of dollars on a daily basis. People’s retirements, trust funds and other bits of hard earned cash are in their hands to mold and grow. Tough stuff, no doubt. Certainly they could be a little more reasonable with the figures of these payments.
Despite seeing that, I still don’t envy traders and others in that position. These are the same people who end up having coronaries by the time they’re 35. More power to those that do it.