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Syndicate
Nov
7
The days of dizzying Wall Street salaries seem to coming to an end in the wake of the recent market meltdown which has left several finance giants either bankrupt or seeking the refuge of federal bail out.
A study conducted by the consulting firm Johnson Associates reports that bonus for Wall Street executives which had soared to record peaks in recent years are set to drop by 20 to 35 percent across the industry. Bonuses for the top managerial level are in fact estimated to plunge as much as by 70 percent. Another report released in the New York Assembly on Wednesday said that Wall Street bonuses could come down by a whopping 41.3 percent next year.
The Johnson study is based on a survey of banks and money management forms and also takes into account compensation figures disclosed in corporate filings. The study is conducted every year by the private consulting firm but this year it will be especially scrutinized as pressure mounts from political quarters on the finance industry to pare down salaries and bonuses.
The Attorney General of New York Andrew M Cuomo said in an interview on Wednesday that even if executive bonuses are slashed by 70 percent, it might not be enough to cope with the extent of losses which have necessitated a $700 billion federal bail out plan.
Nov
7
Barack Obama’s historic victory in the US presidential elections proved to be lucrative occasion for the struggling newspaper industry as the day’s editions were grabbed up by buyers and major newspapers struggled to keep pace with the demand.
People who missed November 5th’s edition during the day could find them later online but at a high price. By Wednesday evening around 800 sellers were offering newspaper copies - proclaiming Obama’s historic win - for sale at the popular online auction site eBay. According to a report in the online edition of Reuters, bids for The New York Times with its banner headline “Obama” rose to $400 while those for Washington Post proclaiming “Obama Makes History” went up to $41.
At one point major newspapers like Washington Post and The New York Times found out that they had run out of copies due to the surging demand and were then led to put out commemorative editions to cope with the growing number of buyers. Likewise newspapers in Denver, San Francisco and Chicago reported selling out within a brief span of time and had to print special editions. Thousands of extra copies were also brought out cities like Baltimore, Connecticut, Hartford and Orlando, Florida.
The heavy demand for newspaper copies reporting the historic event comes at a time when newspaper industry in the US is struggling with falling advertisement revenues and is even being forced to scale down operations.
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