State Government Will Benefit From Those Wall St. Bonuses

Helps a state in desperate need of money

Wall Street bonuses were up 17 percent to over $20 billion in 2009, the year taxpayers bailed out the financial sector after its meltdown according to New York state Comptroller Thomas DiNapoli who adds that the state government will pick up more badly needed taxes.

Total compensation at the largest securities firms grew beyond that figure and profits could surpass what he calls an unprecedented $55 billion last year, DiNapoli said. That's nearly three times Wall Street's record increase, a rate of growth that is boosted in part by the record losses in 2008 of nearly $43 billion, the Democrat said.

"Wall Street is vital to New York's economy, and the dollars generated by the industry help the state's bottom line," says DiNapoli. "But for most Americans, these huge bonuses are a bitter pill and hard to comprehend. ...Taxpayers bailed them out, and now they're back making money while many New York families are still struggling to make ends meet."