White Boys Getting PAID: That Line at the Ferrari Dealer? It's Bonus Season on Wall Street
Thursday, January 6, 2005 at 06:27PM
TheSpook
Samantha Kleier Forbes, a 30-year-old real estate broker, was getting
ready to leave for a vacation to Florida with her mother and sister
when she got an urgent call. It was a client who had spent the summer
scouring the Upper East Side of Manhattan for an apartment priced
between $4 million and $5 million. The client insisted on seeing more
apartments that day, but now she wanted to look in the $6 million
range. Her husband, a banker at Goldman Sachs in his late 30's, had
just received his year-end bonus. "Normally this time of year is dead,"
said Ms. Forbes, a vice president at Gumley Haft Kleier, a residential
real estate brokerage. But this winter there is unusual buying interest
that she attributes to rich Wall Street bonuses. She is cutting her
end-of-the-year vacation short, so she can prepare for an onslaught of
clients eager to see apartments. The year-end bonus is a Wall Street
tradition, and for a second consecutive year, the amounts are
significant. Three major Wall Street firms - Goldman Sachs, Lehman
Brothers and Bear Stearns - have reported record profits for the year
and all are said to have given out handsome bonuses. The totals in 2003
were already impressive: Lloyd S. Blankfein, the president and chief
operating officer of Goldman Sachs made $20.1 million, of that only
$600,000 was salary; and E. Stanley O'Neal, the chief executive of
Merrill Lynch, received a bonus of $13.5 million and restricted stock
worth $11.2 million on top of his $500,000 salary. [more]
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