By Agence France-Presse
NEW YORK — Bonuses paid to Wall Street securities industry employees in New York rose 17 percent to $20.3 billion in 2009, state officials said Tuesday.
New York State Comptroller Thomas DiNapoli said total compensation at the largest securities firms grew even faster and industry profits could hit a record amount after unprecedented losses in 2008.
"Wall Street is vital to New York's economy, and the dollars generated by the industry help the state's bottom line," DiNapoli said.
"But for most Americans, these huge bonuses are a bitter pill and hard to comprehend. There's a lot of resentment against the industry over its role in the global economic meltdown. Taxpayers bailed them out, and now they're back making money while many New York families are still struggling to make ends meet."
The figures highlight the unprecedented turmoil in the financial sector after a near-meltdown in 2008 followed by massive efforts to revive the industry.
