Posted by troublemaker on January 10, 2012
The average Wall Street bonus is predicted to be down by 30% this year. (1) Bankers threaten to sue or walk. When union employees are asked to take a pay cut to keep their employer afloat in these hard financial times, the unions have made concessions. Although loosing wages and benefits is not something a person looks forward to, sometimes it is necessary to keep a business running and jobs available. Although blue collar (and no collar) workers (99%) have been willing to make concessions, when it comes time for the white collars (1%) to do their part, they threaten to either sue or take their toys and leave. I think we can all agree the theme song here is Hit the Road Jack.
“Jeffries Group have threatened to walk away from the firm if bonuses aren’t on par with the Street.” – Business Insider (1)
While some might point to the financial down turn to explain the lower bonuses, many factors contributed to the decrease in what many feel are over the top bonuses. The New York Post believes one of those factors is the Occupy / 99% movement. Although they do not come out and identify the movement as a factor, they identify “public outrage” as one of three reasons bonuses are expected to be lower. Who has expressed more public outrage than the Occupy / 99% movement?
“The huge problem this year, however, is that the overall bonus pie is forecast to be about 30 percent smaller, shrunk by declining revenue, public outrage over outsize annual payouts and the demands of deferred bonuses promised during the financial crisis that are now coming due.” – New York Post (2)
Congratulations Occupy Wall Street, while they nay Sayers continue to claim the message is unclear it seems big banks are getting that message loud and clear.