This is only a Preview!

You must Publish this diary to make this visible to the public,
or click 'Edit Diary' to make further changes first.

Posting a Diary Entry

Daily Kos welcomes blog articles from readers, known as diaries. The Intro section to a diary should be about three paragraphs long, and is required. The body section is optional, as is the poll, which can have 1 to 15 choices. Descriptive tags are also required to help others find your diary by subject; please don't use "cute" tags.

When you're ready, scroll down below the tags and click Save & Preview. You can edit your diary after it's published by clicking Edit Diary. Polls cannot be edited once they are published.

If this is your first time creating a Diary since the Ajax upgrade, before you enter any text below, please press Ctrl-F5 and then hold down the Shift Key and press your browser's Reload button to refresh its cache with the new script files.


  1. One diary daily maximum.
  2. Substantive diaries only. If you don't have at least three solid, original paragraphs, you should probably post a comment in an Open Thread.
  3. No repetitive diaries. Take a moment to ensure your topic hasn't been blogged (you can search for Stories and Diaries that already cover this topic), though fresh original analysis is always welcome.
  4. Use the "Body" textbox if your diary entry is longer than three paragraphs.
  5. Any images in your posts must be hosted by an approved image hosting service (one of: imageshack.us, photobucket.com, flickr.com, smugmug.com, allyoucanupload.com, picturetrail.com, mac.com, webshots.com, editgrid.com).
  6. Copying and pasting entire copyrighted works is prohibited. If you do quote something, keep it brief, always provide a link to the original source, and use the <blockquote> tags to clearly identify the quoted material. Violating this rule is grounds for immediate banning.
  7. Be civil. Do not "call out" other users by name in diary titles. Do not use profanity in diary titles. Don't write diaries whose main purpose is to deliberately inflame.
For the complete list of DailyKos diary guidelines, please click here.

Please begin with an informative title:

Line graph showing that since the 1980s, the number of New York City bank employees has risen only slightly, but the bonus pool has grown a lot.
Wall Street bonuses have risen yet again, with the average bonus up eight percent last year. The average now is $121,890—not quite two and a half times the U.S. median household income. Which wouldn't sound so outrageously outrageous if these weren't the bonuses, not bankers' total income, and if that average didn't include secretaries as well as top executives. But it wasn't always this way:
Since 1985 the average securities industry bonus in the city has risen about four-fold. There’s a big jump from 1990 to 1991, when bonuses went from about $27,000 in real-dollar terms to $52,000, and a series of further increases from there. Bankers and traders in a bad year now earn much more than they did in a good one. [...]

In 1985, the industry had about 130,000 employees in New York. Last year, that number was 169,200 (fewer than in 1997, and barely more than the 163,000 workers in 1987).

Meanwhile, the bonus pool has risen in real-dollar terms from $4.1 billion to $20.1 billion.

So the money has multiplied while the number of people dividing it up has not. Presto! Soaring bonuses at the top. While acknowledging that "It doesn’t do anything to make it seem fair," Bloomberg's Mark Gimein describes this as a sort of ideologically neutral process in which the deals have gotten bigger without necessarily requiring more people: "It’s just that it doesn’t take many more people to do a $300 million deal than a $50 million."

But the thing is, every wage group, among both men and women, worked more hours in 2007 than they did in 1979. For the people at the top, a relatively small increase in hours worked has, as we know, gone along with a big increase in wages. (People in the middle and at the bottom have increased their hours by more, while their wages rise less.) When the top five percent of earners increase their annual hours worked by 7.6 percent, and they're the only people reaping the benefits of working increased hours, that's no ideologically neutral. It's not just a thing that's happening independent of what the rich and powerful want.

Besides, at the end of the day, we're talking about giant bonuses for the people who wrecked our economy when, in many cases, criminal charges would be more appropriate.


You must enter an Intro for your Diary Entry between 300 and 1150 characters long (that's approximately 50-175 words without any html or formatting markup).

Extended (Optional)

Originally posted to Daily Kos Labor on Thu Feb 28, 2013 at 01:11 PM PST.

Also republished by Income Inequality Kos, In Support of Labor and Unions, and Daily Kos.

Your Email has been sent.