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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jill who wrote (164565)11/15/2008 12:09:40 PM
From: GraceZRead Replies (3) of 306849
 
What can I say, most people will feel as you do because they don't understand the compensation system in place in most financial firms and they have little sympathy for someone who is so highly compensated. For most Americans, a "bonus" is something they are only paid when the entire company has a good year so it is difficult to understand that bonuses in financial firms can be almost the entire compensation that a person receives.

It might be easier to understand if I described the bonuses paid at financial firms as a commission. Imagine that you sell cars and you are paid only on commission, once a year. The dealership loses money, a lot of money, towards the end of the year, should they not pay you what is owed to you?

For them to not pay you your commission would violate the agreement they have with you regarding the work you have already done. This is the same principle at work at these various financial firms although they probably have more leeway to screw their employees than say a car dealer has.
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