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]
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.
BW–
You either underappreciate your own job or underappreciate how miserable the life of an investment banker can be. Trust me, writing for a living is usually far, far more enjoyable than working in finance…except for the money part.
–JC
“Demanding and stressful”?! Yeah, right.
‘The highest paid editor at The New York Times makes less than what the lowest paid analyst at Goldman Sachs makes.’
Bill Keller makes $650k — plus, I’m sure, options and bonuses. Is that really less than the lowest-paid analyst at Goldies?
AHEM, the real issue here is that Jessica Coen at Gawker makes $30,000 a year. She’s a direct comp for John Carney, is she not? Doesn’t that imply John makes $30k? And if so, does that not beg the question, “Why the fuck are we listening to this guy?”
Jess Coen is at Vanity Fair and, I’m sure, making much more than $30k. John Carney, on the other hand, made so much money at Sue, Grabbit & Runne that he can work for nothing but whiskey and blowjobs.
Felix,
Well, I was speaking off-the-cuff and perhaps a bit out-of-turn. I guess I underestimated what Keller makes. But that’s still a pretty low upside potential for a newspaper writer. My larger point still stands.
By the way, how come I only discovered economonitor yesterday, and where’s the rss feed?
–JC
I am guessing Alex Kuzinski at the NYT makes a few more bucks..
Carney works for whiskey and blowjobs? Wow, I don’t remember putting that in the P&L. Live and learn.
Give some back? That’s what taxes are for. I think we can all agree that even 60million is not super impressive on Wall Street, there are people making much more. Let’s be honest without Investment Banking New York City would be well….not NYC, they give plenty back.