NPR logo

Analyst: Wall St. Bonus Structure Ingrained

  • Download
  • <iframe src="https://www.npr.org/player/embed/100103474/100103777" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Analyst: Wall St. Bonus Structure Ingrained

Business

Analyst: Wall St. Bonus Structure Ingrained

Analyst: Wall St. Bonus Structure Ingrained

  • Download
  • <iframe src="https://www.npr.org/player/embed/100103474/100103777" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

This week President Obama called Wall Street bankers "shameful" after it was revealed they gave themselves nearly $20 billion in bonuses in 2008.

"They have this mindset that bonuses are how people get paid," Joe Nocera tells NPR's Scott Simon. "The top people are not getting bonuses, but the people underneath still got them. The bonus structure is so ingrained in the Wall Street culture, [but] it is ridiculous that they would do this in the face of the tens of billions of dollars of loss they have taken."