KEY POINTS:
Only $60,000.
That's what the large, fair-headed man in his early 20s was moaning about as he rampaged around the office. What sort of bonus is that?
It sounded like a pretty big one to me but what did I know, I was a minor, temporary cog in
this huge Australasian financial services firm I won't name (alright, it was AMP). Apparently, a $60,000 bonus, on top of a handsome salary, was something of an insult.
This was my introduction to the world of finance and while I found it pretty amazing at the time, over the years I've become inured to news of six-digit starter salaries and big-bonused boys bragging at the bar.
People who work in money just seem to get paid a lot of it for performing services of dubious social value (or any value sometimes). Despite what you hear, most of them aren't geniuses either.
Some people I know in the industry realise they are lucky to be working in a business that overpays them; for others, the inflated remuneration is merely the natural companion to their egos.
But bury the jealously and righteous indignation - you could've applied for the job.
And for those interested in schadenfreude it looks like the bonus backlash is swinging hard. In his tirade this week against Wall Street executives, President Obama labelled billion-dollar bonuses in the midst of a financial crisis "not only bad taste [but] bad strategy".
The detail of Obama's US cap on executive salary is not as strong as the rhetoric but it is possible a few former financial wizards may have to forgo some of the spoils this year.
Spare your pity, at least they're still working, unlike many others in the finance game. As Michael West notes in a Sydney Morning Herald article this week: "The global meltdown has meant finance executives are a dime a dozen - the market has shrunk - and most who still have a job are happy to be gainfully employed."
Any chance of a bonus? I'll take $60,000
David Chaplin
Pictured above: President Barack Obama watches as Treasury Secretary Timothy Geithner speaks about executive compensation this week. Photo/AP
