You Deserve a Bonus!

According to a new report issued by the New York State Comptroller, compensation at Morgan Stanley and two other banks rose 31% in 2009.   Average compensation at these banks now averages at the barely sustainable level of $340,000 a year.  Meanwhile, wages and benefits for the average worker increased only 1.5% in 2009, the lowest increase tracked by the Department of Labor since 1979.

Now, there are those who continue to whine about the soaring compensation for banks like Morgan Stanley that have received taxpayer bailouts.  But if you can get the State of New Jersey to provide you with a $300 million tax subsidy for a half-completed casino in Atlantic City that may be built and financed by the Peoples Republic of China, then we say that those clever bankers at Morgan Stanley deserve every penny.