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a tisket, a tasket, even
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.
Janitors? Aren’t they largely employed by the building management companies, rather than by the wall street assholes?
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.
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….
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
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.
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.
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.
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.
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.
Metaphoric janitors, K?
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
Back east, this type don’t crawl.
Jeez AND we just voted to raise taxes on them? Libruls are the real heartless SOBs.
Just think of all the taxes they were spared by not getting big bonuses.
Let me fix that — It should be booo-fucking-hoo.
Jelly of the month club would be too much for those greedy parasites.
As long as they are not in jail, they are overpaid.
You could outsource all their jobs to a computer in Yankton. And a dart throwing monkey in Zimbabwe for the market timers.
There was a story on the internet a while back about a real cat that beat the stock pickers.
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.
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.
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?
grade inflation strikes again :)
Talk about entitlement!
Just fucking jump already if your life is so hard.
Twice, if you don’t die the first time.
Tumbrels. Guillotines. Knitting needles.
Sharks with frickin’ laser beams on their frickin’ heads.
So long as no one threatens to get the sticks out, we’re all good.
Tar, meet feathers. Feathers, meet tar.
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.
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.
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!
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.
I do hope they can write that off as a business expense!
Oh, to be a baggage handler!!!
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.
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