We spoke to AM New York's Justin Rocket Silverman yesterday about what fuels the media's bonus backlash. You can find the story in the hands of people who lurk just outside your subway station. Our contribution:
In New York City alone, securities employees will earn almost $24 billion in bonuses this year. Those bonuses are being condemned in the press, including editorial cartoons depicting Wall Street bankers as common criminals."One of the reasons there has been so much negative press is that journalists are obsessed with their own poverty," said John Carney, editor of financial blog dealbreaker.com.
"Three hundred days a year they are happier than investment bankers. But when bonus season rolls around the journalists realize there is a price to pay for their career decisions. The highest paid editor at The New York Times makes less than what the lowest paid analyst at Goldman Sachs makes."
Carney pointed out that the press and the public tend to be more shocked by Wall Street bonuses because unlike high-paid athletes, little is generally known about how investment banking actually works.
Big bucks on Wall Street stirs up outrage [AM New York]
Posted by bizwriter, Dec 21, 2006 10:47AM
not exactly. yes, there is envy. but we're not happier than bankers 360 days out of the year. our jobs are often just as demanding and stressful. that's precisely why the envy can be so acute. also, you're quite wrong about the relative comp of top NYT editors and lowest-of-the-low GS analysts.
final point: i wish a painful death to all the AM New York hawkers who stand right in everyone's way at subway stations and have the gall to get pissed when you bump into them.
oh yeah, happy holidays.