Thursday, April 2, 2009

Revenge of the investment bankers!

This article has been making the rounds over the past day as the especially downtrodden finance guys angrily shake their fist in white collar populism while the more astute have to shake their heads at this faux-expose. The basic gist is that after excoriating Wall Street for excessive bonuses, Capitol Hill went ahead and allocated out a - wait for it - $9.1MM bonus pool to the various congressional staffers who constitute the invisible army of our legislative branch. Apparently the authors are pissed that they would dare to do such a thing.

$9.1MM to over 2,000 staff members - are you fucking kidding me? That's one senior investment banker at a bulge bracket, a few months work for a hot shot trader and a wet sneeze for James Simons.

Some of these guys are at the peak of their careers after being at the top of every applicable peer group and are now getting flack for getting (max) a 14k EOY bonus? At the low end, there are people only getting a few hundred.

Sorry Wall Street Journal - we know the bankers are wailing for a counterpunch against those idiots on Capitol Hill but this isn't the pressure point to push on. Sphere: Related Content
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J.D. Swampfox said...

Personally, I think executive pay should be limited to no more than 5 times the amount we pay pro basketball players, movie stars and rap musicians.

Anonymous said...

Those IBs have never been very good at math...

Anonymous said...


What do you think about the USD?

Do you agree with Charles Delvalle at CP?