BARACK BASHES BONUSES

Be Careful What You Wish For
(Click Here for Entire Article)

While President Barack Hussein Obama (D) huffed and puffed about unseemly Wall Street bonuses given to financial executives of institutions receiving federal bailout funds as "shameful" and "the height of irresponsibility," New York City and New York State government officials had a different point of view. Lack of Wall Street bonuses will hit both the city and the state very hard in lost income tax revenues, increasing by gallons their flow of red ink.

New York state will lose a whopping $1 billion in tax revenues this year because cash bonuses to Wall Street employees plummeted 44 percent in 2008, according to a bombshell new report. In an analysis released this morning by State Comptroller Thomas DiNapoli, he estimates that the securities industry paid its New York City employees $18.4 billion in bonuses last year compared to $33 billion in 2007 -- a drop in bonuses that will also cost the city $275 million.