...the rich control?
<snip>
America’s super-rich look forward to a merry Christmas
By Rick Kelly
3 December 2004
America’s corporate elite is preparing to reward itself with another round of massive end-of-year bonuses. For the ultra-wealthy, these multimillion-dollar payouts are considered an appropriate and well deserved reward for another profitable year of operations.
A report in the New York Times on Monday noted that the Christmas bonuses for Wall Street’s executives, bankers and traders are expected to be 10 to 15 percent higher than those of last year. These bonuses now typically constitute the bulk of a Wall Street professional’s earnings.
“In 2003, Lloyd S. Blankfein, the president and chief operating officer of Goldman Sachs made $20.1 million; only $600,000 of that was salary,” the Times explained. “Similarly, E. Stanley O’Neal, the chief executive of Merrill Lynch, made $500,000 in salary, but received a bonus of $13.5 million and restricted stock worth $11.2 million more.”
So-called “superstar” traders and investment bankers are also in line for lucrative bonuses. These are individuals who have generated revenue for their firms of more than $25 million this year, through the trading of stocks, commodities and bonds. Wall Street’s “superstars” can expect to receive bonuses of $5-15 million.
<more>
<link>
http://www.wsws.org/articles/2004/dec2004/rich-d03.shtml