POLITICS

Wall Street Bankers Urged To Donate Bonuses To The Homeless

Dec 23, 2013 | Updated Dec 23, 2013

What most of the country calls the holidays, Wall Street bankers know as bonus season.

In just the first nine months of 2013, banks put away more than $90 billion to be doled out at the end of the year as bonuses, according to analysts at Johnson Associates, a compensation consulting firm. That's on top of whatever they siphon from the final three months, meaning bonuses are likely to total well over $100 billion this year.

Given that the financial system is supposed to efficiently allocate investments so that the economy grows at its maximum rate, the limp recovery is a sign the sector is not performing well, calling the generosity of these bonuses into question.

An online populist advocacy group, The Other 98%, is instead suggesting bankers donate their bonuses to charity or other housing-related endeavors in an effort to combat the housing crisis caused by the financial collapse.

"This holiday season, we have some free PR advice for the banks: Help end the homelessness they created. It is quite literally the least they could to," said Alexis Goldstein, a former Wall Street analyst and Occupy Wall Street activist who serves as communications director for The Other 98%.

More than 44,000 people have so far signed a petition advising the banks to do as the group suggests.

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