State Comptroller Thomas DiNapoli has released his estimate of Wall Street bonuses in 2008, and it’s pretty much what you’d expect: Bonuses were down more than ever, by 44 percent. While Big Guys who passed on taking theirs — Blankfein ($68 million in 2007), Dick Fuld ($22 million), Jamie Dimon ($42 million) — account for some of the dip, the Schadenfreude is limited, since many New Yorkers, like bear cubs raised in captivity and fed grain from human hands, have come to depend on Wall Streeters spending stupid money on various shit, and now it’s like we’re being released into the wild to fend for ourselves!
Or, as DiNapoli puts it: “A 44 percent decline in the bonus pool will ripple through the regional economy and the state and the city will lose major tax revenues.”
In the report, DiNapoli also gives a shout-out to TARP for helping to “prevent more institutions from failing,” and also takes a wee dig at you-know-who.
Taxpayers have invested billions of dollars to stabilize the nation’s banks and financial institutions and there are plans to make additional investments to shore up the banking system. There needs to be greater transparency and accountability in the use of these funds. Every dime counts, especially when they’re taxpayer dimes and taxpayers ought to know if these funds were used to buy corporate jets, pay dividends or bonuses.
You go, Tommy. It’s never too late to add your voice to the chorus.
DiNapoli: Wall Street Bonuses Fell 44% in 2008 [Office of the State Comptroller]