By Stock Charts | September 23, 2008
ABC News reports:
In 2007, Wall Streetâ€™s five biggest firms â€” Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley â€” paid a record $39 billion in bonuses to themselves.
Thatâ€™s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid even though the shareholders in those firms last year collectively lost about $74 billion in stock declines â€” their worst year since 2002.
These company executives are still fiercely fighting to protect their pay. Politico notes that the Bush Treasury Department is â€œresisting effortsâ€ by House Democrats â€œto impose pay limits on Wall Street executives and bankers.â€For more stock news and chart analysis, subscribe to my RSS feed, or stock newsletter: