A Reason to Pray for Big Banker Bonuses


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Published in The Wall Street Journal November 10, 2009by Dennis K. Berman

If you are a taxpayer in the Northeast, here is some advice: Get down on a knee, clasp your hands and pray.
Pray for banker bonuses this year. Big ones. Cash, preferably.
New York’s state government, and its dysfunctional neighbors in New Jersey and Connecticut, already are in deep financial crisis. Without the tax revenue from Wall Street pay and bonuses, they could find themselves closer to the brink.
Like much of America, you may find the idea of big banker paydays unsettling. After all, it was taxpayers who saved Wall Street’s hide. Even now, the finance industry’s nose-in-the-air entitlement makes taxpayers feel all the more enraged over the bailouts.

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