Shaping the Future of NYC

Many people form the 99% group feel that they just have enough money for a living. However, the top 1% are no different either. Many bankers experienced a reduce bonus for 2011 and they feel that they are trapped financially too. The amount of money they are bringing in is not enough for them to keep up with their current lifestyle.

“Schiff, (director of marketing for broker-dealer Euro Pacific Capital Inc.) 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.”

“M. Todd Henderson, a University of Chicago law professor who’s teaching a seminar on executive compensation, said the suffering is relative and real. He wrote two years ago that his family was “just getting by” on more than $250,000 a year, setting off what he called a firestorm of criticism.”

http://www.bloomberg.com/news/2012-02-29/wall-street-bonus-withdrawal-means-trading-aspen-for-cheap-chex.html