Grumbling about bank bonuses
January 31st, 2009 | Published in Money
It seems that people who work for the giant Citibank are crying about their bonuses not being so big this year. When you look at the figures after losing a lot of money this year because of default mortgages and various other issues with the economy, they were still able to pull in some big bucks.
It apears that Citibank paid out over $4 billion dollars to their employees. For anyone in a middleclass family this would seem like a lot of money to pay out empoyees in bonuses. Who wouldnt be happy with a bonus of a couple thousand dollars.
With people getting smaller and smaller bonuses even on wallstreet, it makes you wonder where they will put the smaller extra money they have. Investments will be lagging behind, and as we have seen, interest rates are especially low. Bank CD rates as well as Savings and money market accounts have all lost luster. This seems to be a strategy by the Feds to correct the current slump. Hopefully that will trickle down to the small people at some point while all it seesm to be helping are the people who already have big incomes in the corporate world.