About 4% of Wall Street Bonuses Will Go to Charity
02/23/07 -- WSJ - A new study of more
than 200 financial executives who received bonuses in 2006 of $2-million or more
in cash shows that Wall Street bankers and traders are giving 4 percent of their
bonuses to charity, The Wall Street Journal reports.
Far more is going to luxury goods, the survey found. About 11 percent of their
payouts, on average, are being spent on watches and jewelry. The biggest share,
16 percent, is going to the purchase of new homes.
Those receiving bonuses of $5-million or more gave the same proportion to
charity as those who received smaller bonuses. Russ Alan Prince, president of
Prince & Associates, the Redding, Conn., company that conducted the survey,
said, “This is not an especially generous group.”
