Stocks fall as Obama blasts bonuses

By Greg Morcroft, MarketWatch
Last update: 4:24 p.m. EST Jan. 29, 2009
Comments: 51
Street scrapes together $18.4 billion for bonuses
Despite the collapse of the financial system, the shuttering of several major firms and the elimination of thousands of jobs, the securities industry managed to scratch together about $18 billion of shareholder and investor cash to pay bonuses in 2008, according to DiNapoli.
“The decline is the largest on record in absolute dollars and the largest percentage decline in more than 30 years, but the size of the bonus pool is still the sixth largest on record,” DiNapoli said in a press release. See full story.
His office said late Wednesday that total Wall Street bonuses paid fell 44% in 2008, to $18.4 billion, while the average bonus fell 36.7%, to $112,020.
Greg Morcroft is MarketWatch’s financial editor in New York.
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