Bonus backlash hits Wall Street

Congress may undo a decades-old compensation system, alarming bankers but pleasing those who believe ‘financial buccaneers’ deserve payback.
By Walter Hamilton and Tom Hamburger
Los Angeles Times
March 21, 2009
Reporting from Washington and New York — As Washington’s anti-bonus zeal intensified Friday, alarm spread across Wall Street that the government’s sudden taxation fervor could ensnare thousands of workers and affect every major financial firm.

Although the fast-moving legislative campaign was born of frustration with the bonuses paid to workers at ailing American International Group Inc., employees at comparatively healthy investment banks fretted about the steep tax hikes they could face if the legislation became law.

Read the rest:
http://www.latimes.com/business/la
-fi-bonuses21-2009mar21,0,2125832.story

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