3.10.2012

pity the 1%

"Cash bonuses on Wall Street are expected to drop by 14 percent during this year's 'bonus season'." Only 20 billion dollars will be doled out, with the average bonus totalling $121,000. How sad.

That's billion, with a B.

Bankers' trophy dates are sad, too.

Be sure to click - and read to the end for maximum impact.

3 comments:

James Redekop said...

"The amount that I have to reinvest in my business and feed my family is more like $600,000 ... and so by the time I feed my family, I have maybe $400,000 left over ..."
-- Congressman John Fleming

"It is hard to ask more of households making $250,000 or $300,000 a year. In large parts of the country, that kind of income does not get you a big home or lots of vacations or anything else that is associated with wealth."
-- Senator Chuck Schumer

“I feel stuck,” [director of marketing for broker-dealer Euro Pacific Capital Inc. Andrew] Schiff said. “The New York that I wanted to have is still just beyond my reach.” How so? "Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex."

“People who don’t have money don’t understand the stress,” said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. “Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”

“It’s a disaster,” said Ilana Weinstein, chief executive officer of New York-based search firm IDW Group LLC. “The entire construct of compensation has changed.”

From here and here

allan said...

"The amount that I have to reinvest in my business and feed my family is more like $600,000 ... and so by the time I feed my family, I have maybe $400,000 left over ..."
-- Congressman John Fleming


"I don't doubt that the bills are high, but how much of the food are you getting?"
-- Alice Kramden's mother

allan said...

Ann Romney:
"I don't even consider myself wealthy, which is an interesting thing. It can be here today and gone tomorrow."

The Romneys are worth approximately $250 million.