The 2008 bonus numbers for Wall Street have been released and bankers are still pulling down big numbers. Among the nine largest banks, about 5,000 employees made over $1M each, or $5B between them. Many writers express outrage over the soaring bonuses amid sinking balance sheets, but one pundit dissents.
Dennis K. Berman of the Wall Street Journal crunches some numbers comparing Wall Street to the rest of America, finding, "Even in Wall Street's worst year, you are nearly four times as likely to take home a million bucks-in bonus alone-than the general population." Gawker's Cajun Boy quips, "It's becoming increasingly obvious that it's either time we all get jobs on Wall Street to jump aboard the gravy train or all run down to Home Depot to buy pitchforks. What's it going to be people?"
Daniel Indiviglio of our very own Atlantic Business Channel writes, "I have a very hard time shrugging off numbers like this. Even if these banks didn't receive billions of dollars in a government bailout, if I were a shareholder, I would be rather livid. If this is a bad year, one can only imagine what a good year would look like." Indiviglio makes a radical suggestion: "The solution? Well that's obvious. We could have let them fail. Allow every major investment bank to fail? Well it wouldn't have been every one, just the large American investment banks."