Wall Street Bonuses

Catch this post on breakingviews.com, if you can. It highlights the fact that the big five US investment banks (Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman and Bear Stearns) are paying staff a total of $66 billion this year. Yes BILLION. That's is more than the total annual income of Bangladesh (population 141 million).

This is obscene, as Hugo Dixon, the breakingviews correspondent, points out. It is also 9 per cent higher than last year. It simply makes no sense, considering how the investment banking industry largely created the credit crunch and have (boo-hoo) suffered huge losses from it.

This industry will be found out, eventually. But if your talents and/or inclinations are venal, unscrupulous, parasitic, oh-so-clever and knuckle-headed...I guess you should tuck in while the going's good.

Comments

[Patrick Sudlow]

Obscenely, ethically and morally a definite YES.