Wall Street bonuses just keep rising

I found this New York Times story via Daily Kos.  From The New York Times:

On Wall Street, profits are down and the number of workers is shrinking.

But bonuses continue to grow larger.

Cash bonuses paid to Wall Street employees in New York City rose 15 percent on average last year, to $164,530, according to estimates released on Wednesday by Thomas P. DiNapoli, the state comptroller. That was the biggest average bonus since 2007, the year before the financial crisis struck.

Over all, workers in the financial industry in the city made an estimated $26.7 billion in bonuses last year, a number that, again, was the highest level since the crisis. The bonus figures encompass everyone from the low-ranking employee to the chief executive, so high payouts to top managers can bring up the average.

That bonuses went up amid a challenging environment for the banks reflects a cardinal rule of Wall Street: Firms are willing to pay big for the top talent. This held true even as profits overall fell 30 percent to $16.7 billion, according to the comptroller’s report.

The cash haul included payments that had been granted in previous years. This was because Wall Street firms, since the crisis, have sought to keep a temporary lid on costs by deferring a portion of compensation. Some of what had been withheld is being paid out for 2013, making bonuses larger than they otherwise might be.

The comptroller’s estimate of bonuses is based on income tax withholding data, and it does not include stock options or deferred compensation for which taxes have not yet been withheld.

I don't know what else to say here.  An asteroid could slam right into Wall Street, wiping everything out, and still Wall Street would find a way to increase their bonuses.

For Wall Street, Greed is Still Good.