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QE2 A Success: 56% Of Wall Street Gets Biggest Bonus Than Last Year

Tyler Durden's picture




 

Who says QE2 is an abysmal failure at generating a "wealth effect" for the broader population (see today's less than stellar housing news)? Bloomberg reports that on Wall Street 56% of bankers received a larger bonus than last year. It is great that according to the BLS the average American is also making more money than in 2009. Oh wait. Additionally, fifty percent of U.S. respondents were satisfied with the payout, while 34 percent were dissatisfied and 16 percent were neither, according to the survey.

From Bloomberg:

“Financial markets professionals have been stretched over the last two years and recruitment activity continues to strengthen,” Constance Melrose, managing director of eFinancialCareers North America, said in the statement. “There are more opportunities this year for Wall Street professionals to make a career move, and that’s true on the sell-side and more recently the buy-side.”

Bonuses decreased for 19 percent of those surveyed and stayed the same for 25 percent. Eight percent received no bonus, according to eFinancialCareers, a unit of Dice Holdings Inc. The survey was conducted from Jan. 3 to Jan. 12 and received responses from financial firm employees who knew their bonus amount.

Of the U.S. respondents who received a bigger bonus, 31 percent attributed it to their firm’s performance and 40 percent said it’s related to personal accomplishments. Of those who received a smaller bonus, 53 percent said the primary reason was firm’s performance, and 3 percent said it was their own performance.

What was omitted was that 100% of bankers would have no bonus (or base) if it wasn't for continued DCFed wealth transfer from the future of the eviscerated middle class, courtesy of such criminal acts as was Bear Stearns alleged massive "financial fraud" discussed earlier. But who cares about details when consumer (all 1,000 of them) confidence is surging because the Rusell 2000 is higher.

 

 

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Tue, 01/25/2011 - 14:54 | 903408 plocequ1
plocequ1's picture

Excellent. I love happy endings. Thank you Tyler. You are a gentleman and a scholar. Sarcasm off

Tue, 01/25/2011 - 15:18 | 903520 Mark McGoldrick
Mark McGoldrick's picture

I find it particularly enraging that Goldman Sachs would increase its hiring by 10% (3000 jobs) in 2010 - the vast majority of those jobs going overseas.  

David Viniar said, "I would feel worse if the economic data was really bad [in the US], but it's not."  

If it was not for the struggling American taxpayer subsidizing them, Goldman Sachs would have gone insolvent. Instead, their profits for 2010 were $8.35B and they set aside $15.38B in compensation, which is $430,000 per employee.  

They steal our tax dollars. They crash our economy. They create nothing. They profit by the billions by looting our Treasury. And then, when it's time to hire, they go overseas. 

These fuckers are insane. 

Tue, 01/25/2011 - 15:42 | 903641 66Sexy
66Sexy's picture

whoever said "crime doesn't pay" was probably a ranting daytrader.

Tue, 01/25/2011 - 16:15 | 903775 lunaticfringe
lunaticfringe's picture

Sweet. Nice photo too.

Tue, 01/25/2011 - 14:48 | 903411 Xibalba
Xibalba's picture

We're saved!

Tue, 01/25/2011 - 15:42 | 903607 TruthInSunshine
TruthInSunshine's picture

The truly enraging thing is that most of these assholes really believe they deserve bonuses. They are the ultimate entitlement/welfare queens, bar none.

There is no close 2nd place on the narcissism scale to these motherfuckers, who are useless paper pushers and derivative engineers.

So will Americans ever do anything about the kleptocracy?

If so, at what point?

Tue, 01/25/2011 - 14:51 | 903426 JW n FL
JW n FL's picture

http://www.wallstreetandtech.com/articles/229100199?cid=nl_wallstreettech_daily

The FCIC was created by Congress in 2009 to research and report on the origins of the 2007-2009 crisis that rocked world financial markets and its final report will be released on Thursday.

Partisan divisions have been evident throughout the committee's existence.

The main report to be released Thursday is expected to be endorsed by only the six Democratic members of the 10-member panel, with three Republican members releasing a separate minority report. A fourth Republican plans to unveil a report of his own.

Tue, 01/25/2011 - 14:55 | 903447 Quixotic_Not
Quixotic_Not's picture

The FCIC was created by Congress in 2009 to research and report on the origins of the 2007-2009 crisis that rocked world financial markets and its final report will be released on Thursday.

Truth = The FCIC was created to add more background noise, so the .GOV could sweep the shit under the carpet (i.e. dump the toxic waste on the taxpayer).

Tue, 01/25/2011 - 16:49 | 903919 trav7777
trav7777's picture

another 911 commission...mistakes were made blablabla nobody could have foreseen blablabla...another "bipartisan" self-absolution

Tue, 01/25/2011 - 14:52 | 903430 Quixotic_Not
Quixotic_Not's picture

Never bet against the house!

P.S.  When does hyper-inflation quick in?

3...2...1...?

Tue, 01/25/2011 - 14:53 | 903433 Jason T
Jason T's picture

POMO buying REITs today.

Tue, 01/25/2011 - 14:54 | 903436 docj
docj's picture

Mission Accomplished.

Tue, 01/25/2011 - 14:54 | 903439 BorisTheBlade
BorisTheBlade's picture

Last days of looting, won't last much longer.

Tue, 01/25/2011 - 14:57 | 903457 Quixotic_Not
Quixotic_Not's picture

Define "longer"...

Tue, 01/25/2011 - 15:15 | 903522 downrodeo
downrodeo's picture

somewhere between 3 weeks and 3 years (if you want a wild guess...)

Tue, 01/25/2011 - 14:54 | 903442 williambanzai7
williambanzai7's picture

Look at the bright side. McDonalds is planning to raise prices.

This would not be possible without banker domestic help willing to pay more for burgers.

Tue, 01/25/2011 - 15:39 | 903625 Oh regional Indian
Oh regional Indian's picture

Precisely Bill banzai. 

This is trickle down economics, Wall Street Style. The butlers will get better tips. NYC and Greenwich valet parkers will get better tips to park the 2011 Maybach. 

All well. The bankers know all about fair and equitable wealth distribution.

ORI

http://aadivaahan.wordpress.com/2011/01/18/the-callousness-of-pornography/

 

Tue, 01/25/2011 - 14:55 | 903448 whatz that smell
whatz that smell's picture

Well I've always had a deep respect and I mean that most sincerely
But the band is just fantastic that is really what I think
Oh by the way, which one's Pink?

And did we tell you the name of the game, boy?
We call it 'Buying the Fucking Dip'

We're just knocked out we heard about the sell out
You gotta get an IPO out, you owe it to the people
We're so happy we can hardly count

Everybody else is just green has robo seen the chart?
It's a helluva start it could be made into a monster
If we all pull together as a team

Tue, 01/25/2011 - 15:08 | 903495 buzzsaw99
buzzsaw99's picture

Top notch!

Tue, 01/25/2011 - 15:45 | 903656 SteveNYC
SteveNYC's picture

Took me about 3 words to figure out the song. Very, very fitting!

Tue, 01/25/2011 - 14:56 | 903452 toros
Tue, 01/25/2011 - 15:03 | 903476 DonnieD
DonnieD's picture

What happened to the redneck guy that destroyed Chinese shit in his trailer with a baseball bat?

Tue, 01/25/2011 - 15:46 | 903661 SteveNYC
SteveNYC's picture

Last I heard he was a trillionaire, blinging it up in the Mediterranean on his yacht purchased with the silver coins he sold after purchasing at $8 an ounce.....

Tue, 01/25/2011 - 14:59 | 903463 the rookie cynic
the rookie cynic's picture

Had the TBTFs been nationalized, QE2 profits could have been put to work on infrastructure, technology, and other shit that could rebuild the nation. Instead, a few dickweeds are buying Gulfstreams this week. Misappropriation and mal-investment seem to banal of terms to describe the situation. In reality, it's the greatest con and fraud ever perpetuated. http://therookiecynic.wordpress.com/

Tue, 01/25/2011 - 15:10 | 903500 buzzsaw99
buzzsaw99's picture

It's their system, they own it. Do not try to save it or make it work for everyone. A collapse is inevitable at this point.

Tue, 01/25/2011 - 15:17 | 903533 downrodeo
downrodeo's picture

time to walk away...

Tue, 01/25/2011 - 15:01 | 903472 john milton
john milton's picture

ambac +64%...

Tue, 01/25/2011 - 15:05 | 903485 Henry Chinaski
Henry Chinaski's picture

Wallstreet gets the biggest bonus and the rest of us got the biggus bonest.

Tue, 01/25/2011 - 15:06 | 903487 docj
docj's picture

Financial markets professionals have been stretched over the last two years...

Cry me a f***ing, wanking river, assholes.

Tue, 01/25/2011 - 15:07 | 903489 Alcoholic Nativ...
Alcoholic Native American's picture

****Get's showered with a dividend check****

Tue, 01/25/2011 - 15:14 | 903521 ryanseventyfive
ryanseventyfive's picture

Good for them.  Doing god's work and all. 

/s

 

Tue, 01/25/2011 - 15:20 | 903552 Thoreau
Thoreau's picture

Sarcasm off. This all seems kinda shady.

Tue, 01/25/2011 - 15:43 | 903642 Oh regional Indian
Oh regional Indian's picture

Thoreau, are you generally given to understatement?

ORI

Tue, 01/25/2011 - 15:40 | 903627 bunkermeatheadp...
bunkermeatheadprogeny's picture

Only so far the DCFed can go to help the financials.

 

While the DCFed is more than willing to fuck the elderly, middleclass, small biz and unborn slaves- there is still a stopper, which is other big corporate interests:

General Mills and other commodity reliant corporate giants will not stand for their ongoing margin compression.

Multinationals like GE and Disney can't really afford for the Fed to piss China off too much.

So the DCFed will get a populist pushback as well as a big corporate sector fucked pushback.

Thats what Obama's speech will be about, carveouts and policies for the large corporate sectors that aren't benefiting as well from this policy as the banks.

The rest of us get to sing "It's a Hard Knock Life" from Annie.

Tue, 01/25/2011 - 16:53 | 903933 the rookie cynic
the rookie cynic's picture

Yes. Middle class to be brushed into the dustbin of history by alternating strokes of debt deflation and monetary easing.

Tue, 01/25/2011 - 21:08 | 904564 bunkermeatheadp...
bunkermeatheadprogeny's picture

Funny, Reuters published a story supporting my argument just as I was writing my post:

http://www.reuters.com/article/idUSTRE70O5Y320110125

Tue, 01/25/2011 - 15:52 | 903636 Threeggg
Threeggg's picture

Stock market ramp-up to the close starts in 4, 3, 2, ............................................>

 

Was just thinking maybe they take her down today for a skittles induced unicorn riverdance ramp-up tomorrow.........after the big mans SOTU pump tonight.........?

I dunno ?

Tue, 01/25/2011 - 17:15 | 904007 docj
docj's picture

Nice call, man.  10-handles straight the hell up on the S&P starting right at 3 PM.

It's almost as if it's programmed into the system, or something.

Tue, 01/25/2011 - 15:47 | 903665 Sudden Debt
Sudden Debt's picture

I wonder why none of those guys has ever been shot with a bullet between the eyes.

Those guys would actually deserve it

Tue, 01/25/2011 - 16:17 | 903781 hooligan2009
hooligan2009's picture

It almost sounds trivial to point out that on top of the bonuses (which no-one will correlate to government provided trading opportunitie sponsored by government provided risk capital) the real dodge to get round the outrage and levels of bonuses for playing pinball in a suit, has been an increase in salaries (in exchange for bonus reductions). Some swiss banks also awarded staff bonuses in Coco/Tier 1/low priced MBS instead of cash, but marked at values that would, of course, go up because of central bank purchase programs.

So bonuses barely changed, salaries up, in kind transfers used and all on the government and central bank sponsored shell game.

Let's not even start on the losses being made being further subsidised by the tax payer as these corporate losses are carried over indefinitely. Banks have the losses they have made underwritten by the tax payer also. Don't see much of that talked about in the CDS default recovery rate hey?

Tue, 01/25/2011 - 16:18 | 903792 DJIA36000
DJIA36000's picture

QE2 has been and continues to be an EPIC success!  Ben's a genius.  We won't see a correction until Dow 36,000.  The biggest pull-back we'll see over the next 5 years will be no more than 5%.  Straight to 36,000 we go.  

Tue, 01/25/2011 - 16:42 | 903890 fearsomepirate
fearsomepirate's picture

I normally keep my inner Grammar Obergruppenfuehrer quiet when reading this site, but could you please change "biggest" to "bigger" in the headline?  It's killing me.

Tue, 01/25/2011 - 17:36 | 904077 Hedgetard55
Hedgetard55's picture

I like "biggest".

 

All your biggest bonus are belong to us.

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