According to figures released last week by New York State Comptroller Alan G. Hevesi, Wall Street bonuses set a new record of $21.5 billion in 2005, surpassing the previous record of $19.5 billion set in 2000 during the peak of the last bull market.
This translates into average bonuses of $125,500 — also a new record.
“The securities industry had a very good year during 2005. The industry paid record bonuses based on exceptional revenue growth and solid profits,” Hevesi explained.
The news is likely to have the Treasury Department rubbing its hands together in anticipation, since tax on these astronomical bonuses will bring several billion dollars of additional revenue.
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