Wednesday, December 15th, 2010

Are Bankers Worth The Bonus?

Bankers, of course, believe they deserve big fat bonuses. Last year, in the midst of an unprecedented economic cataclysm brought to us by our friends in the financial sector, Wall Street bankers awarded themselves $124,000 per employee, on average.

Now they know for sure that the American public disagrees. A survey by Bloomberg found that 70% of Americans should be banned at banks that took government bailouts. (Depending on the definition, that means all of them.) Moreover, Just 7 percent of American adults believe bonuses to be an appropriate incentive for bankers’ performance.

To put that 7% in context, Felix Salmon at Reuters notes that 7% of Americans believe Elvis lives; 24% believe that president Obama is a secret Muslim; 41% believe in ESP; and 48% believe in creationism. Still, it’s rather unfortunate that the 7% appears to encompass president Obama’s entire economic team.

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