Today is bonus day on Wall Street. In the midst of billions of dollars of bailouts to financial institutions with taxpayers' money, it will be interesting to see how bank executives make out in terms of company perks this year.
Last year, despite the predictions of a deep economic downturn on the horizon, the 600 highest paid bank executives received approximately $1.6 billion in salaries, bonuses, and other benefits. According to the New York Daily News, this amount of money would have been enough to cover the bailout fund given to 53 of the 116 banks that have shared bailout packages thus far.
New York's Mayor, Michael Bloomberg, is in favor of Wall Street executives receiving bonuses, despite recently depleting the American economy by receiving over eleven-figures in federal aid. Mayor Bloomberg stated on a radio show last month, "It’s a populist thing to say I don’t want to give any bonuses...It’s just unrealistic to say that the employees for these companies, who work hard, shouldn’t get compensated at the rate in that industry." The Mayor should note that a lot of people who aren't receiving bonuses, and who have even been layed-off this year, "work hard." Also, most of those people have not been complicit in mismanaging the city's funds. Not showing adequate respect to ALL of the hard working citizens of this city, will hopefully spell that this is Bloomberg's last term in office. The question is who will be the best person to replace him?