Shocker: Bankers Greedy Even When Handing Out Bonus Cash

As your money burned last year and banks groveled for cash, we knew they kept handing out billions of bonus cash. But now we know how just a small few put their snouts to the trough.

Reports the New York Times:

Though it has been known for months that billions of dollars were spent on bonuses last year, it was unclear whether that money was spread widely or concentrated among a few workers.

The report suggests that those roughly 5,000 people - a small subset of the industry - accounted for more than $5 billion in bonuses. At Goldman, just 200 people collectively were paid nearly $1 billion in total, and at Morgan Stanley, $577 million was shared by 101 people.

All told, the bonus pools at the nine banks that received bailout money was $32.6 billion, while those banks lost $81 billion.

Big Banks Paid Billions in Bonuses Amid Wall St. Crisis [New York Times]