Holiday Bonuses - KTRE.com | Lufkin and Nacogdoches, Texas

12/21/06

Holiday Bonuses

This year Santa is really stuffing the stockings of the wealthy on wall street. The holiday bonuses are bigger than ever. So big, in fact, that they equal the gross domestic products of countries like Qatar and Panama. Their stockings are stuffed with holiday green--investment banks are handing out a whopping 23-point-nine billion dollars in holiday bonuses. Elizabeth McDonald, Senior Editor,Forbes says, "Wall Street is continuing to churn out record profits...and activity is up the Dow has taken off, the S and P has taken off." Profit soared 93 percent at Goldman Sachs this year, which means more than 16-billion dollars in holiday paychecks. Outside Goldman headquarters no one wanted to brag. Except one guy, who wouldn't give his name, but couldn't contain himself. Goldman Sachs Trader, "Joyous." He and fellow bankers celebrated in style with 1000 White Castle hamburgers. Goldman Chief Lloyd Blankfein will take home more than 50 million dollars while Morgan Stanley CEO John Mack will pocket an estimated 40 million extra. A few of their hot shot traders and bankers can expect to take home 10, 25,and in some cases $50 million dollars. A select few are getting $100 million.and they're looking to spend. Real Estate Executive Pamela Liebman says her phones are ringing off the hook. Pamela Liebman, CEO, Corcoran said, "We know it's in their pocket and we know they want to spend it and they're not shy about saying hey I work so hard all year I just got this big bonus and I want to live really well." Liebman says this year the buyers aren't just setting their sights on Park and Fifth Avenue penthouses...they're thinking oceanfront. Fancy restaurants will also benefit. So will auction houses and luxury car dealers...Rolls Royces,Bentleys, and Lamborghinis. Some lucky bankers are paying $200,000 and more on the spot with no sticker shock. Walter D'Urso, Manhattan Motors, said "They just want to show everyone they can afford a beautiful car." Experts say what's good for Wall Street is good for Main street and an economy that for now, is roaring.

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