It's Official Wall Street Bonuses Up 14%!

I took a lot of heat back in October for predicting that Wall Street bonuses would actually be higher this year. I was called a "crazy broker" by Curbed.com, called various names by anonymous posters on the blog, and even taunted by someone who wanted to wager $10,000 that I was wrong. I'm not much for gambling, but I did offer to wager a cheeseburger, fries, and a beer which I doubt that I will ever collect. So here's what I said back then (Oct 4th):
"A Recipe For Higher Prices?
Today, the Associated Press reports that Wall Street bonuses have surged by 14% over last year, and the big 4 alone are paying out close to $50 Billion in compensation:
Bonuses On Wall Street Surge 14% (AP via Yahoo)

So here is my next bold prediction: Manhattan coop and condo prices will rise a solid 7-10% in 2008.
This year's Wall Street bonuses will play a part in 2008's price appreciation, but the majority of the gain will be attributed to a cheap dollar, low rates, and a shortage of inventory.

Comments