BusinessWeek reports that 2011 is ending with a clunk for Masters of the Universe.
Charlie Gasparino of Fox Business just Tweeted: “Sources at BOFA’s Merrill unit say execs are bracing for some of the lowest bonuses on Wall Street.” We already know that overall banker bonuses may tumble 30% this year, and not just on Wall Street. Stock returns are looking like they’ll be a wash for the year. This is bad news for the 1%, the disproportionate recipients of lavish bonuses and holders of financial assets. But it probably shouldn’t fundamentally change the debate about rising income inequality, as some have suggested. At least not yet.
Earlier this week, the New York Times reported that the share of income going to the top 1 percent of earners actually fell during the recession….
Find out more at http://www.businessweek.com/finance/occupy-wall-street/archives/2011/12/bonuses_dive_stocks_tank_goodbye_income_gap.html
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