As expected, Wall Street will resume giving its brokers and bankers big fat bonuses this year. A report from the state budget division estimates that $64.2 billion in bonuses will be handed out in 2010—that's $57 billion more than last year, though still $19 billion less than in 2008. But the crafty financial institutions have adopted an array of creative tactics to quell public outrage over bonuses: the latest strategy is to pay their workers in stock, reports Reuters, that way it won't show up on the tax bill until five years later. Also, guns! (Okay, fine, rumors of guns.)
Like a magic eight-ball full of money, the state budget plan also foretold financier bonuses for the years to come: down in 2011 to $61.9 billion, then up to $71.1 billion in 2012 and $75.7 billion in 2013. But it's not all good news, guys; Gov. Paterson says the city's financial employees should brace for more layoffs this year.
