New York Magazine’s Kevin Roose writes: It's nearly January, the time of every year
when Wall Street banks pay their employees and executives their annual year-end
bonuses and the rest of America freaks out about how outrageously big they
are. I've covered several bonus cycles
now, including talking to the compensation consultants who help banks set their
pay, and I've come to realize that no amount of justification or hand-wringing
on the part of executives can put an average Wall Street bonus within the realm
of normal-person acceptability. And I agree that Wall Street workers are, by
and large, overpaid.
But I've also come around to the idea that if you have to
overpay Wall Street workers, year-end bonuses might be a good mechanism for
doing it. Big bonuses smooth out the cyclical ups and downs of banks and
stabilize local labor markets, and they may even help the greater economy…..
Wait, wait…there’s more at http://nymag.com/daily/intelligencer/2012/12/defense-of-the-wall-street-bonus.html
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