Finally some good news for brokers of ultra-luxury Manhattan real estate. Following the recent freeze in the most expensive housing segment in NYC in which “deals slowed to a trickle” as a result of the soaring US Dollar, and the crack down on offshore illegal wealth, it appeared that the final housing bubble left in the US that has yet to pop, that which focuses on properties $5 million and higher, was on the edge. Its day or reckoning may be delayed, however, following news that the most traditional buyer of high-end Manhattan real estate, Wall Street bankers themselves, may be finally coming back following a 2% increase in Wall Street bonuses in 2014, which pushed the average bonus to $172,860.
Bonuses were higher despite a 4.5% decline in total Wall Street profits in 2014 from $16.7 billion to $16.0 billion, mostly as a result of the criminal Wall Street cartel being exposed for all the world to see, and forced to pay a quarterly racket fee to its protector, the US government, in the form of recurring “non-recurring, one-time” legal fees, charges and settlements (amounting to $178 billion in the past 6 years!).
Total bonus comp in 2014 hit $28.5 billion, up from $27.6 billion the year before. By comparison, the entire bonus pool two decades ago, in 1994, were “only” 4.9 billion: a cumulative increase of 482%. Comparably, the average bonus of $172,860 in 2014 was up 437% in two decade.
This post was published at Zero Hedge on 03/11/2015.
Follow on Twitter
Recent Comments