scratch-mark

Ha!

No sooner did I post my last than I see this.

Wall Street compensation averaged $289,664 per person, 5.1 times the
average $56,634 for workers citywide, the comptroller said in a study
released Tuesday. The highest-paid bankers and traders can command
eight-figure pay packages.

Bonuses totaled a record $21.5 billion, or $125,500 per person. The
securities industry paid out $48.8 billion, while generating $2.1
billion of taxes for the city, Hevesi said.

Wall Street compensation increased 21.9 percent in 2004 and another 11.8 percent in 2005, Hevesi said.

Buy, buy, buy. After all, they make money on each transaction, and they also have the house edge (bid/ask spread) on the floor, as traders and market makers.

Buy , buy, buy. Did your portfolio make 21.9% in 2004, or 11.8% in 2005? Well, let’s see. on Jan 2, 2004, the S&P 500 opened at 1111.92 and closed at 1211.92 on Dec 31, 2004. An exact 100 point gain on the entire year for 9%. Not bad, and better than 95% of mutual funds, but certainly not even half of the 22% increase in compensation those telling you to buy, buy, buy got.

2005? It opened on Jan 3 where 2004 left off, at 1211.92. It closed on Dec 30 a whopping 36.37 points up (the S&P regularly does that kind of move in two days). A phenomenal 3% gain for the year. A fourth of the 12% increase those telling you to buy, buy, buy got.

Suckers.

Richard Nikoley

I'm Richard Nikoley. Free The Animal began in 2003 and as of 2021, contains 5,000 posts. I blog what I wish...from health, diet, and food to travel and lifestyle; to politics, social antagonism, expat-living location and time independent—while you sleep—income. I celebrate the audacity and hubris to live by your own exclusive authority and take your own chances. Read More

Leave a Comment

You must be logged in to post a comment.

YouTube1k
YouTube
Pinterest118k
Pinterest
fb-share-icon
40
45
Follow by Email8k
RSS780