The securities industry has been under tremendous scrutiny for the bonuses top executives and other employees are receiving amidst the financial crisis, but that didn’t stop bonuses from rising nearly 17 percent. According to a report released today from the New York State comptroller, in 2009 employee bonuses reached $20.3 billion.
The bonuses have been widely vilified as being excessive and inconsiderate, as much of America continues to suffer from the high risk trading that led to loss of $42.6 billion in securities in 2008. Still the industry continues to defend the practice, permitting bonuses to rise up again from the ashes. Since 2008, bonuses have increased $2.9 billion from $17.4 billion to the present $20.3 billion. In 2007, before the ash, bonuses amount to $32.9 billion.
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