In fairness, this affects the NYC economy greatly, especially since bonuses are not just handed out to traders and execs, but down the line to janitors and admins, who spend that money back in the neighborhoods.
And you know damned well whose bonuses got cut deepest.
Jeez AND we just voted to raise taxes on them? Libruls are the real heartless SOBs.
Sherm:
February 26th, 2013 at 3:21 pm
Let me fix that — It should be booo-fucking-hoo.
Jelly of the month club would be too much for those greedy parasites.
Sherm:
February 26th, 2013 at 3:24 pm
Janitors? Aren’t they largely employed by the building management companies, rather than by the wall street assholes?
Joshua:
February 26th, 2013 at 3:28 pm
Yea, seriously, Goldman Sachs doesn’t have janitors on their payroll.
actor212 is right in that this money flows back into the NYC economy, and as such NYC is very dependent on good bonuses, but there’s a fix for that, and it’s the same fix any finance guy would tell anyone looking for advice – diversify!
The State is probably even more dependent on the $ than the City as many of the large bonus guys live in Westchester, Long Island and New Jersey and pay no City taxes.
And NYC is trying to do just that. We have a thriving film and TV industry now, and have attracted enough tech companies we’ve created a Silicon Alley on Broadway in the old garment district.
And of course, tourism.
Manufacturing is a bit of an issue because infrastructure and traffic, but we’re trying.
None of which changes the fact that NYC is the second largest financial city on the planet.
The “large bonus guys” aren’t hurting (they make enough and their bonuses, while lower, would still feed a family of four forever) and as you point out, don’t factor into my original post about it hurting the city because yadayadayada….
StevenAttewell:
February 26th, 2013 at 3:37 pm
You could put 570,000 people to work for a year on the bonuses alone…and they have the gall to complain?
Obliviousness, thy name is Wall Street.
Uncle Kvetch:
February 26th, 2013 at 3:38 pm
From the article linked in the OP:
“Thanks to the rise of tech and other industries, New York’s economy is less dependent than it has historically been on Wall Street pay. Comptroller DiNapoli said today that only 7 percent of the city’s tax revenue now comes from the securities industry, whereas before the crisis it accounted for roughly 12 percent.”
I’m hesitant to give Bloomberg credit for much over the past twelve years, but this is one instance where he saw a problem and intervened pro-actively. He aggressively marketed the city as a creative hotbed and drew a lot of attention for it.
LinkedIn, for instance, just took whole floors at the Empire State Building, a structure notorious for being unsellable as office space.
Linnaeus:
February 26th, 2013 at 4:07 pm
And yet someone like a public employee, who has a yearly salary of maybe half of what the average Wall Street bonus was, is the greedy one. Right.
howard:
February 26th, 2013 at 4:10 pm
Talk about entitlement!
BigHank53:
February 26th, 2013 at 4:11 pm
Just fucking jump already if your life is so hard.
Jay C:
February 26th, 2013 at 4:19 pm
I read somewhere that the ESB has actually been marketed, recently, as a tech-friendly space: despite having been built in 1931, apparently it had had excessive electrical capacity installed from the beginning, and is actually quite suitable for power-thirsty high-tech businesses.
Except for the occasional giant ape, of course.
Cody:
February 26th, 2013 at 4:27 pm
That’s fascinating. The foresight of the Empire State Building engineers!
I’ve also noticed anecdotally a lot more artists who have chosen to live in NYC. I’ve always found Brooklyn an appealing place.
BigHank53:
February 26th, 2013 at 4:36 pm
I don’t think it was foresight as much as planning on having a radio transmitter up top, which meant being able to supply at least 100,000 watts up there.
Also, moving from incandescent to fluorescent lights cut the lighting load by at least 60%, leaving that capacity free for other uses.
Malaclypse:
February 26th, 2013 at 4:38 pm
Look, do you think Wall Street bankers get defined benefit retirement plans? Well, okay, golden parachutes are functionally equivalent to defined benefit plans, but they are cheapened when a schoolteacher can retire and not be in penury. How will the MOUs know who to look down upon?
Pooh:
February 26th, 2013 at 4:40 pm
Torches. Pitchforks.
Shakezula:
February 26th, 2013 at 4:42 pm
This.
Shakezula:
February 26th, 2013 at 4:46 pm
You can tell the U.S.A. is at bottom an excessively peaceful and easy going country, because these people are still walking around demanding someone rub Desitin on their sore little bottoms.
If the U.S. were slightly less peaceful and easy going, these skanks’ would have been loaded into tumbrels and introduced to some DIY guillotines back in 2007.
Shakezula:
February 26th, 2013 at 4:47 pm
That.
Todd:
February 26th, 2013 at 4:49 pm
Are any of you aware of how expensive it has become to check luggage full of cash onto a chartered flight to the Cayman Islands these days? Not to mention the cost of the flight itself! Corporate junkets for this express purpose are way down.
Let’s all tighten our belts and commit to eliminating the DEATH TAX right now!
Steve LaBonne:
February 26th, 2013 at 3:14 pm
Ça ira…
actor212:
February 26th, 2013 at 3:16 pm
In fairness, this affects the NYC economy greatly, especially since bonuses are not just handed out to traders and execs, but down the line to janitors and admins, who spend that money back in the neighborhoods.
And you know damned well whose bonuses got cut deepest.
joe from Lowell:
February 26th, 2013 at 3:16 pm
Back east, this type don’t crawl.
JKTHs:
February 26th, 2013 at 3:20 pm
Jeez AND we just voted to raise taxes on them? Libruls are the real heartless SOBs.
Sherm:
February 26th, 2013 at 3:21 pm
Let me fix that — It should be booo-fucking-hoo.
Jelly of the month club would be too much for those greedy parasites.
Sherm:
February 26th, 2013 at 3:24 pm
Janitors? Aren’t they largely employed by the building management companies, rather than by the wall street assholes?
Joshua:
February 26th, 2013 at 3:28 pm
Yea, seriously, Goldman Sachs doesn’t have janitors on their payroll.
actor212 is right in that this money flows back into the NYC economy, and as such NYC is very dependent on good bonuses, but there’s a fix for that, and it’s the same fix any finance guy would tell anyone looking for advice – diversify!
actor212:
February 26th, 2013 at 3:31 pm
Metaphoric janitors, K?
Sheesh.
Sherm:
February 26th, 2013 at 3:32 pm
The State is probably even more dependent on the $ than the City as many of the large bonus guys live in Westchester, Long Island and New Jersey and pay no City taxes.
StevenAttewell:
February 26th, 2013 at 3:34 pm
+1
actor212:
February 26th, 2013 at 3:34 pm
And NYC is trying to do just that. We have a thriving film and TV industry now, and have attracted enough tech companies we’ve created a Silicon Alley on Broadway in the old garment district.
And of course, tourism.
Manufacturing is a bit of an issue because infrastructure and traffic, but we’re trying.
None of which changes the fact that NYC is the second largest financial city on the planet.
/ tourism bureau
actor212:
February 26th, 2013 at 3:36 pm
The “large bonus guys” aren’t hurting (they make enough and their bonuses, while lower, would still feed a family of four forever) and as you point out, don’t factor into my original post about it hurting the city because yadayadayada….
StevenAttewell:
February 26th, 2013 at 3:37 pm
You could put 570,000 people to work for a year on the bonuses alone…and they have the gall to complain?
Obliviousness, thy name is Wall Street.
Uncle Kvetch:
February 26th, 2013 at 3:38 pm
From the article linked in the OP:
“Thanks to the rise of tech and other industries, New York’s economy is less dependent than it has historically been on Wall Street pay. Comptroller DiNapoli said today that only 7 percent of the city’s tax revenue now comes from the securities industry, whereas before the crisis it accounted for roughly 12 percent.”
I hadn’t been aware of that — it’s good news.
actor212:
February 26th, 2013 at 3:46 pm
I’m hesitant to give Bloomberg credit for much over the past twelve years, but this is one instance where he saw a problem and intervened pro-actively. He aggressively marketed the city as a creative hotbed and drew a lot of attention for it.
LinkedIn, for instance, just took whole floors at the Empire State Building, a structure notorious for being unsellable as office space.
Linnaeus:
February 26th, 2013 at 4:07 pm
And yet someone like a public employee, who has a yearly salary of maybe half of what the average Wall Street bonus was, is the greedy one. Right.
howard:
February 26th, 2013 at 4:10 pm
Talk about entitlement!
BigHank53:
February 26th, 2013 at 4:11 pm
Just fucking jump already if your life is so hard.
Jay C:
February 26th, 2013 at 4:19 pm
I read somewhere that the ESB has actually been marketed, recently, as a tech-friendly space: despite having been built in 1931, apparently it had had excessive electrical capacity installed from the beginning, and is actually quite suitable for power-thirsty high-tech businesses.
Except for the occasional giant ape, of course.
Cody:
February 26th, 2013 at 4:27 pm
That’s fascinating. The foresight of the Empire State Building engineers!
I’ve also noticed anecdotally a lot more artists who have chosen to live in NYC. I’ve always found Brooklyn an appealing place.
BigHank53:
February 26th, 2013 at 4:36 pm
I don’t think it was foresight as much as planning on having a radio transmitter up top, which meant being able to supply at least 100,000 watts up there.
Also, moving from incandescent to fluorescent lights cut the lighting load by at least 60%, leaving that capacity free for other uses.
Malaclypse:
February 26th, 2013 at 4:38 pm
Look, do you think Wall Street bankers get defined benefit retirement plans? Well, okay, golden parachutes are functionally equivalent to defined benefit plans, but they are cheapened when a schoolteacher can retire and not be in penury. How will the MOUs know who to look down upon?
Pooh:
February 26th, 2013 at 4:40 pm
Torches. Pitchforks.
Shakezula:
February 26th, 2013 at 4:42 pm
This.
Shakezula:
February 26th, 2013 at 4:46 pm
You can tell the U.S.A. is at bottom an excessively peaceful and easy going country, because these people are still walking around demanding someone rub Desitin on their sore little bottoms.
If the U.S. were slightly less peaceful and easy going, these skanks’ would have been loaded into tumbrels and introduced to some DIY guillotines back in 2007.
Shakezula:
February 26th, 2013 at 4:47 pm
That.
Todd:
February 26th, 2013 at 4:49 pm
Are any of you aware of how expensive it has become to check luggage full of cash onto a chartered flight to the Cayman Islands these days? Not to mention the cost of the flight itself! Corporate junkets for this express purpose are way down.
Let’s all tighten our belts and commit to eliminating the DEATH TAX right now!
actor212:
February 26th, 2013 at 4:52 pm
Are any of you aware of how expensive it has become to check luggage full of cash onto a chartered flight to the Cayman Islands these days?
Oddly, yes. About $75, depending on the airline.
Origami Isopod:
February 26th, 2013 at 5:04 pm
Tumbrels. Guillotines. Knitting needles.
Linnaeus:
February 26th, 2013 at 5:31 pm
Indeed.
Shakezula:
February 26th, 2013 at 5:49 pm
Also.
Shakezula:
February 26th, 2013 at 6:04 pm
I do hope they can write that off as a business expense!
DrDick:
February 26th, 2013 at 6:54 pm
As long as they are not in jail, they are overpaid.
DrDick:
February 26th, 2013 at 6:55 pm
+1 million
Dr.KennethNoisewater:
February 26th, 2013 at 7:20 pm
Sharks with frickin’ laser beams on their frickin’ heads.
Too far?
Major Kong:
February 26th, 2013 at 7:38 pm
Tar, meet feathers. Feathers, meet tar.
djillionsmix:
February 26th, 2013 at 7:45 pm
I’m guessing it affects the NYC economy less than letting an unchecked parasite class leech away the wealth of the entire world
Or maybe just less than that affects the entire world
swearyanthony:
February 26th, 2013 at 8:29 pm
So long as no one threatens to get the sticks out, we’re all good.
Anonymous:
February 26th, 2013 at 8:29 pm
+1
Clowns.
You could outsource all their jobs to a computer in Yankton. And a dart throwing monkey in Zimbabwe for the market timers.
VCarlson:
February 26th, 2013 at 8:30 pm
Nope.
Anonymous:
February 26th, 2013 at 8:31 pm
Twice, if you don’t die the first time.
DrDick:
February 26th, 2013 at 10:12 pm
There was a story on the internet a while back about a real cat that beat the stock pickers.
ironic irony:
February 27th, 2013 at 1:49 am
Is there an option for machetes?
It would give the proceedings a “Latin American revolution” feeling. Hell, I’ll throw in some salsa music, too.
JustRuss:
February 27th, 2013 at 2:40 am
I feel for these guys. My bonus has been flat for the last couple years too. In fact it’s been exactly nothing since 1996. Cry me a frickin river.
Pestilence:
February 27th, 2013 at 10:32 am
a tisket, a tasket, even
Pestilence:
February 27th, 2013 at 10:37 am
grade inflation strikes again :)
Njorl:
February 27th, 2013 at 12:58 pm
Just think of all the taxes they were spared by not getting big bonuses.
Mark D'ski:
February 27th, 2013 at 1:46 pm
Oh, to be a baggage handler!!!