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New York, NY – Mayor Michael Bloomberg said financial industry employees and Wall Street workers should still get year-end bonuses even as their companies receive federal aid.
The U.S. Treasury is providing assistance to a range of firms as part of the federal $700 billion rescue program. If companies can’t pay bonuses to help retain employees, it will defeat the purpose of the bailout plan, Bloomberg said.
“It’s a populist thing to say I don’t want to give any bonuses,” Bloomberg said during his weekly appearance on WOR radio. “It’s just unrealistic to say that the employees for these companies, who work hard, shouldn’t get compensated at the rate in that industry.”
The companies receiving federal assistance will have trouble getting back on their feet if they can’t retain employees, Bloomberg said.
The banks have come under criticism for considering year-end bonuses to their employees. New York Attorney General Andrew Cuomo is seeking information on the payouts from banks receiving assistance.
Worldwide, financial firms posted $966.5 billion in writedowns and credit losses since last year. New York City received at least 9 percent of its tax revenue from Wall Street last year; the state about 20 percent.
selfish mayer taking care of his frinds NO TAX MONEY FOR BONUSES
I can’t agree more. A bonus is based on the profit of the company. If the company lost billions, there should be a negative bonus.
Why are we rewarding them for losing business?
Yah, he runs a financial services company. If he advocated no bonuses they would stop using his company.
He is looking out for himself.
I work in the finance dept of a heimishe big firm and we get no bonuses. Bloomberg is just a rich guy looking out for his rich cronies
Retain employees? Exactly where are these people fortunate enough to have a job supposed to find a better one? Could Mr Bloomberg be that ignorant of the unemployment rate and lack of jobs in New York? So maybe a bonus for people trying to make ends meet on unemployment benefits which are taxable by the way. Is there no end to the chutzpah of these people?
I am an employee who works darn hard for this wonderful city of ours and I do not get a bonus-If these wonderful hard workers cannot be retained because of no bonus, let them leave, there are plenty of unemployed who would love that job WITHOUT a bonus
Where does our mayor have the audacity to use our tax money for Bonuses. I am a hard working city employee and I do not get a bonus. If the financial industry has a hard time retaining these employees because there is no BONUS, let them leave, there are plenty of unemployed who would grab that job WITHOUT a bonus.
bonus? where do i sign up?
Very interesting, they deserve a bonus for thousands of dollars but us ppl who make $50000.don’t deserve to keep my $400. Rebate or I have to fork over .6 cents for every bag
Remember…you were in favor of extending term limits. So vote him & his hypocrisy OUT!!
Guess what Mr. Mayor- the rate you speak of has gone down considerably- Time to wake up and smell the coffee!
This another reason, y Mr Bloomberg will loose big time,
what about the rest of us? who cares if the rich people are less rich. this is the same logic behind the stupid bush tax cut for the rich
i cant help but wonder if he regrets extending term limits but is too stubborn to take it back so he is doing all he can to
make sure he ends up losing…
i would think that still having a job in the financial business is a good thing nowadays , so if they cant give a bonus then hopefully next year it will get better and there will be bonuses again.
Another reason that Bloomberg wants bonuses is because they help the City economy tremendously. It’s better for us to distribute bonuses on Wall Street than to bail out cities like Philadelphia or Phoenix.
Don’t you morons get it? He wants them to get bonuses so that the city can tax those bonuses (they would be income and subject to income tax) in order to help the city cover its deficit. You should take the time to think for a moment before you all start mouthing off like ignorant people!!
Smart man Mr. Bloomberg. The feds should let them get bonuses and you will be able to tax it. Smart move!
The Feds don’t want to send money your way so you are trying to get in a different way. Good Luck Mr. Bloomberg.
they deserve bonus for the great job they did ??
tax dollars should not be used for bonuses for wall street workers..end of story..it is wall street that got us into this mess and now we reward them with our money that we worked hard for? no one on wall street will quit if they dont get a bonus. the financial sector is dead, no one is hiring, u have to be crazy to quit if youre lucky enough to still have a job on wall street
Bloomberg is just spinning us around like a Dradel
#20 – The bonuses he is advocating is coming from the bailout funds, which is funded by taxpayer dollars. So yes, NYC will end up with some tax benefits, but at the expense of all those, like you and me, who funded the bailout with our hard earned, non-bonused, salaries.
#21 – Bloomberg is advocating a bonus to people who are not job providers. They are employees. True, if they had more money they’d do more shopping, but then again so would you and I. So why should they get it and not you and me?
bloomberg is an idiot! these people should feel lucky to have a job. 1000’s of people have lost there jobs & they cry about bonuses that we have to pay for?!?!
“Bonuses” are a major part of wall street compensation. People can move to london or connecticut (yes, waterbury is an option) or a few other places that are tolerable are options.
Wall street funds much of the medicaid/welfare and other social services provided by the city.
People complain about the current lack of tzedaka funds…where does some of that come from?
Use your head, not your selfish self-pity.
not every goldman sachs employee is making big bux. they work long hours and deserve compensation.
Does bloombag have a plastic bag stuffed in his mouth again?
This guy must be Joe Bidens lost borther. The more they talk the more we go uh?
Like my mother would say I love the guy but they are both nuts.
I don’t understand something. The finacial meltdown happened while Bloomberg was mayor. For this he wants another term??? Is this guy totally nuts???
A little less than a year ago, London looked like it was going to be the next Wall Street (London Stock Exchange was gettting most of IPO’s and is in a prime time zone to deal with both NY and Asia).
If you don’t offer bonusus you will have many of the rainmakers leave NY and have other countries/counties benefit from their tax dollars. I know of at least two people that have already made the move: one to London the other to Hong Kong.