Wall Street bonuses are set to fall by an average of 20 to 30 percent this year from a year ago, according to a closely watched compensation survey — the weakest bonus season since the financial crisis and a reflection of the leaner times confronting the industry.SOCIALISTS INFLATED THE HOUSING BUBBLE WITH THE CRA AND FANNIE MAE.
Those who work in trading and investment banking — usually Wall Street’s most profitable businesses, although struggling this year — will experience the sharpest drops in pay, said Alan Johnson, managing director of Johnson Associates, the firm that conducted the survey.
Employees in less volatile businesses, like asset management and commercial banking, will make about what they did in 2010.
And bonuses for top executives like Lloyd C. Blankfein of Goldman Sachs and Jamie Dimon of JPMorgan Chase are likely to fall sharply as well, Mr. Johnson said.
The bonus forecast will come as no surprise to many on Wall Street. Trading profits have slumped and new Dodd-Frank regulations have raised the cost of doing business. Even Goldman Sachs, a firm known for its earning power, last month reported its first quarterly loss since the financial crisis.
AND THE SOCIALISTS HAVE MADE THINGS WORSE WITH DODD-FRANK - APTLY NAMED FOR 2 OF THE LIBS MOST RESPONSIBLE FOR THE HOUSING BUBBLE AND CRASH AND ENSUING FINANCIAL CRASH.
MANHATTAN REAL ESTATE DEPENDS ON THESE ANNUAL BONUSES, AND TO SOME EXTENT SO DOES THE ENTIRE TRI-SATE REGION.
SO THIS IS GOING TO EFFECT MORE THAN THE "MILLIONAIRES AND BILLIONAIRES".
BARRING SOME UNFORESEEABLE EXTERNAL POSITIVE INPUT, WE ARE HEADED FOR A BAD CHRISTMAS ASA FAR AS RETAILING IS CONCERNED, AND RECESSION IN THE 1ST QUARTER OF 2012.
ONLY WAR WITH IRAN CAN SAVE OBAMA AND ALLOW HIM TO WIN THE SECOND TERM HE NEEDS TO FINISH "TRANSFORMING" AMERICA INTO A WEAK EURO-SOCIALIST-STYLE NATION UNABLE TO DEFEND THE FREE WORLD.
PREDICTION: THIS WILL PROBABLY HAPPEN IN THE SPRING. ON THE FIRST LATE-NIGHT NEW MOON OF SPRING. 5/20/12.