As your money burned last year and banks groveled for cash, we knew they kept handing out billions of bonus cash. But now we know how just a small few put their snouts to the trough.
Reports the New York Times:
Though it has been known for months that billions of dollars were spent on bonuses last year, it was unclear whether that money was spread widely or concentrated among a few workers.
The report suggests that those roughly 5,000 people - a small subset of the industry - accounted for more than $5 billion in bonuses. At Goldman, just 200 people collectively were paid nearly $1 billion in total, and at Morgan Stanley, $577 million was shared by 101 people.
All told, the bonus pools at the nine banks that received bailout money was $32.6 billion, while those banks lost $81 billion.
Big Banks Paid Billions in Bonuses Amid Wall St. Crisis [New York Times]