NY gov: Goldman's move on bonuses cost state $178M

Underscoring how closely the fates of Wall Street and New York are intertwined, Gov. David Paterson said Friday that a single moment in the financial crisis — the decision by Goldman Sachs executives to forgo bonuses — cost the state $178 million.

0

0

Morgan Stanley, Merrill chiefs give up bonuses

The chief executives of Morgan Stanley and Merrill Lynch & Co. are going without bonuses for a year that has seen Wall Street ravaged by staggering losses, mass layoffs and the collapse of storied firms.

4

6

Wall Street Bonuses Fell 4.7 Percent

Wall Street bonuses fell nearly 5 percent in 2007 after a relentless subprime mortgage crisis battered the stock market, forcing the country's biggest investment banks to write down billions in bad loans.

1

1

The new CEO of AIG has $10 million in remuneration for the job of running a company the Feds gave $180 Billion of taxpayer dollars to support. There has been no reform in the financial industry which was the promise explicit in the bailout.

15

43

It might seem extraordinary to be calling for the resignation or demotion of President Obama's point man on our financial system.

2

2

I'm sure a clever financial lawyer could come up with many other ways. If the government didn't want those bonuses paid, they wouldn't get paid. Period.

2

10

With the financial industry on the receiving end of a massive bailout by the government, one would assume Wall Street wouldn't be paying out bonuses this year. Well think again.

8

6

Bonuses, which soared to record heights in recent years, could drop by 20 to 35 percent across the industry, according to a private study to be released on Thursday. Bonuses for top executives could plunge by 70 percent.

1

1