Tags: US | Wall | Street | Bonuses

N.Y. Comptroller: Wall Street Bonuses up 17 Percent

Tuesday, 23 Feb 2010 07:26 AM

 

The New York state comptroller says Wall Street bonuses were up 17 percent to over $20 billion in 2009, the year taxpayers bailed out the financial sector.

Thomas DiNapoli says total compensation at the largest securities firms grew beyond that figure. He says profits could surpass what he calls an unprecedented $55 billion last year.

The Democrat says that's nearly three times Wall Street's record increase. The rate of growth was boosted in part by the record losses in 2008 of nearly $43 billion.

DiNapoli reviews tax collections each year. He bases his annual projection of Wall Street bonuses on income and other taxes paid in New York City.

DiNapoli says the bonuses help state revenues tremendously, but are a "bitter pill" to most taxpayers nationwide.

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