NY hearts bonuses

23 February 2010 By Antony Currie Follow @AntonyMCurrie

New York politicians that s who. Even a Democratic public servant like Thomas DiNapoli couldn t bring himself to lambast Wall Street excess. As New York s comptroller, he knows too well the cashstrapped state welcomed last year s 17 pct increase in banker payouts.

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New York state comptroller Thomas DiNapoli estimated that Wall Street paid $20.3 billion in bonuses to New York City securities industry employees last year, according to a report released by his office on Feb. 23. That represents an increase of 17 percent on 2008.

The estimate is based on tax collections and reports from financial institutions, and includes all cash payments and any deferred compensation on which taxes have been paid. Stock options that have not been realized and some other forms of deferred compensation are not included.

Compensation at Goldman Sachs, Morgan Stanley and JPMorgan's investment bank increased 31 percent. Data for Bank of America and Citigroup were not available at the time of the study.

Separately, President Barack Obama expressed frustration over banker bonuses. Wall Street appears not to hear the outrage and the frustration each day on the pay practices we've seen so far, White House spokesman Robert Gibbs told reporters.

New York state comptroller's press release

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Compensation at Goldman Sachs, Morgan Stanley and JPMorgan's investment bank increased 31 percent. Data for Bank of America and Citigroup were not available at the time of the study.

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