The graphic below sweeps away all hopes of reductions in executive compensation amonf Wall Street firms. A review of financial staements reveals that six of the biggest banks set aside over $36 billion in the first quarter to pay their employees. And all of them have recieved tax payer bailout money.
Andrew Leonard and Paul Krugman respond to the excesses of Wall Street in compensation payouts.
It now emerges that the top executives in Lehman and Bear Stearns collected massive amounts in bonuses, over and above their stock options, even a year before the two disappeared.
Update 3 (7/3/2010)
The Economist has this nice graphic that captures how executive compensation bonuses for Wall Street firms rebounded nicely in 2009.
Those still in a job pocketed an average bonus of $123,850 in 2009, and a total of $20.3 billion was paid out to bankers and other securities-industry workers, 17% more than in 2008. Profits were on course to bounce back to $55 billion, after combined losses for Wall Street's finance houses of $43 billion in 2008.