Trick or treat: Wall St. Christmas bonuses

Just like Santa down the chimney, they said it was coming, but I didn´t believe. I didn´t want to believe that Wall Street would choose to give out $1.6 billion in bonuses this year. I´m no Scrooge, but how does this make sense?

Lest you forget those billions that were forked over to ailing Wall St. this fall, this is the year of the bail out. I never quite understood why we needed so lavishly to prop up Wall St., but, then again, that is not my area of expertise.

I read that if we, the American tax payer, didn´t bail out Wall St., then everything would tumble, just like Humpty Dumpty´s wall. I do grasp that concept for GM, where for each GM worker laid off, 12 people and therefore, 12 families are affected. This concept is a little muddled for me vis-à-vis Wall St., but, then again, I am having a hard time with Wall St. right now.

The stock market is a psychologically driven entity. It reacts to news such as the changing of prime rates, quarterly earnings and new housing figures. Wall St. understands and has, undoubtedly, co-written the play manual on how to create positive spin. So, if they are supposedly that savvy, why in God´s name would they proffer bonuses this year?

Some would answer that the bonus is part of the pay structure. Could we review that pay structure, please? Others say it is necessary so that firms can keep their executive talent. Ok, how talented are they, if they lost all those billions?

Bonuses distributed this year feel like business as usual – even if the bonuses are reduced from their former astronomical highs. And this year is anything but usual.

If we imagine Wall St. is like a part of the family, would we say they earned their bonuses this year? Would you agree to pay them extra money even though, as a result of their hubris, people have lost their homes and jobs? Wouldn´t we say it is time to clear out the bloat and work on rebuilding the trust of their global relations? Wouldn´t belt tightening be more in order? Where is there good judgment? Or their ability to understand the psychological reactions to their end-of-the-year goodie bag?

I have to tell you I am having a hard time having any sympathy, much less faith, in Wall St. It keeps extending its hand. In effect, it is we, taxpayers, who are paying the bonuses. Excuse me, I didn´t get enough bang for my buck. I want my money back. I´m happy to feed the hungry, shelter the homeless and provide healthcare for the ill. But bonuses for Wall St., I feel like I have been duped again.

One newscaster said he wondered how the $12/hr waitress in Maryland felt about sending her tax money to Wall St. A very good point; in fact, an excellent point.

It´s the whole psychological gestalt of this, that´s what gets under my skin. I feel like we are missing a bigger picture in terms of the overall economy. Haven´t we connected the dots, yet? Everything is connected. What happens to one sector, influences the others. All of the economic wheels are cogs in the same global machine.

Wall St. has assumed -- and been given -- a more exalted presence than it has earned. Wall St. and Corporate America became the gods we invoked, envied and desired, and the divide between the have´s and the have-not´s widened.

I recently heard the expression that when the tide goes out, all is revealed. More than likely, there are more schemes to be exposed and more stink to smell. Corporate connections and relationships are long and deep.

Speaking of which, do you think hedge fund manager and former NASDAQ head, Bernard Madoff gave out end-of-year bonuses this year? And do you wonder why the S.E.C. ignored 10 years of whistle-blowing about Madoff? How can a $50 billion ponzi scheme run for 10 years and not get leaked to some investigative reporter? Was everyone that well paid? Clearly, Madoff was not in some back room all by himself with a printing press creating his own statements; he had layers and layers of staff.

Along with hospitals, universities, non-profits, the Olympic committee, other financial funds and wealthy individuals, I´ve heard that Madoff also invested the Mafia´s money. See, everything is connected. And the tumbling of Madoff´s Humpty Dumpty wall is loud and far-reaching.

Psychologically speaking, Wall St. has shown its shadow side. We all have shadows –those parts of ourselves that redden our faces and make us squirm. Therapeutically, once you own your shadow and begin the process of claiming it and integrating it within your personality, you evolve in your mental health, personal development and maturity. My Christmas wish is that Wall St. starts therapy as soon as possible. Maybe, then, the healing can begin.

Copyright 2008 by Adele Ryan McDowell