Ok, finally a way to put Wall Street bonuses in perspective. The below article from Newsbusters.org shows everybody both sides of the story as the Wall Street definition of bonus is drastically different from your average annual bonus at XYZ factory.
Credit: NewsBusters.org
By Brent BakerArticle continues here....
After years of agitation over what they saw as President George W. Bush's self-righteous moral certitude, journalists on Thursday night embraced President Barack Obama's vilification of those working for Wall Street firms who got a bonus last year. “Shameful,” NBC Nightly News anchor Brian Williams teased his newscast, “that's how President Obama labels those Wall Street types paying themselves big bonuses while getting billions in tax dollars.” Reporter Chuck Todd referred to how Obama was “channeling his inner populist” as he “got upset about something that the public has been angry about for weeks.”
CBS's Katie Couric led with how “we found out what it takes to get Barack Obama angry,” that “employees of financial companies in New York collected nearly $18.5 billion in bonuses last year” and “the President called it 'shameful.'” Chip Reid related how “the President told advisors the anger rose straight from his gut” before Reid relayed that another liberal politician, New York Attorney General Andrew Cuomo, “said the President's remarks are 'a welcome breath of fresh air.'”
Echoing Couric, ABC anchor Charles Gibson announced: “The President did not mince words this afternoon. Indeed, he was angry.” Dan Harris, who showcased a clip of left-wing cable TV host Jon Stewart, backed up Obama's take: “These bonus numbers are not only infuriating to the President, many Americans are bewildered and angry, too.”
Only the CBS Evening News, in a follow-up piece from Anthony Mason, noted how many on Wall Street have “taken huge pay cuts” and explained how bonuses are part of basic compensation: “While it's true that more than $18 billion in bonuses was paid to Wall Street workers in 2008, that plunged nearly 50 percent from the record $34 billion two years ago. The average worker saw a 37 percent drop in bonus pay last year to $112,000. That's the lowest level in five years. What's more, Wall Street uses the term 'bonus' differently.” Viewers then heard from Scot Melland of Dice Holdings:
It's more than likely that the bonuses paid to these financial services people accounts for 50 percent or 75 percent of their total compensation and it's geared to revenue brought in or success they brought into the firm. So it's more akin to a sales commission than what you or I would think about as a bonus.
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