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]