by Calculated Risk on 1/09/2010 06:27:00 PM

Tough times for the "have nots" ...

For the Unemployed, New Job Often Means a Pay Cut

but not so bad for the "haves" ...

From Louise Story and Eric Dash at the NY Times: For Top Bonuses on Wall Street, 7 Figures or 8?

Bank executives are grappling with a question that exasperates, even infuriates, many recession-weary Americans: Just how big should their paydays be? Despite calls for restraint from Washington and a chafed public, resurgent banks are preparing to pay out bonuses that rival those of the boom years.

And in the UK from James Quinn at the Telegraph: Record bonus pot at JP Morgan

JP Morgan's pay-out looks set to be the highest ever offered by the bank. Based on analyst consensus, it will be 28pc up on 2008 and 2007 levels ... The investment bank's refusal to rein back bonuses is likely to be seen as an act of defiance both by the US and UK governments.

It must feel good to be a bankster! (thread music)