Wall Streeters got $20B in bonuses in 2009
Employees at Wall Street financial firms collected more than $20 billion in bonuses in 2009, the year after taxpayers bailed out the financial sector amid the economic meltdown, New York state Comptroller Thomas DiNapoli said Tuesday. The payouts were about 17 percent higher than the previous year’s bonuses.
Total compensation at the largest securities firms grew beyond that figure and profits could surpass what he calls an unprecedented $55 billion last year, DiNapoli said. That’s nearly three times Wall Street’s record increase, a rate of growth that is boosted in part by the record losses in 2008 of nearly $43 billion, the Democrat said.
“Wall Street is vital to New York’s economy, and the dollars generated by the industry help the state’s bottom line,” said DiNapoli. “But for most Americans, these huge bonuses are a bitter pill and hard to comprehend. … [Read the full article]
AT&T Inc. said in an SEC filing Tuesday that board member William F. Aldinger III won’t stand for re-election at its annual meeting.
The company said in the Securities and Exchange Commission filing that Aldinger informed AT&T of his decision last week. [Read the full article]
Wynn Resorts, Limited (NASDAQ: WYNN – News) announced today that it had entered into a letter of intent with Philadelphia Entertainment and Development Partners, LP (PEDP), providing that an affiliate of Wynn will become the manager and managing general partner in the PDEP casino project slated for the Philadelphia waterfront. The agreement is subject to the satisfaction of certain conditions including the approval of the Pennsylvania Gaming Board.
“I am thrilled to be returning to the east coast and in particular to the city in which I was privileged to have gained my college education. Having attended the University of Pennsylvania for four years and served as a Trustee for an additional ten years, Philadelphia has always felt like home to me,” commented Stephen A. Wynn, Chairman and Chief Executive Officer. [Read the full article]
STEC, Inc. (Nasdaq:STEC – News) announced today the Company’s financial results for the fourth quarter and full-year ended December 31, 2009.
Revenue for the fourth quarter of 2009 was $106.0 million, an increase of 86.3% from $56.9 million for the fourth quarter of 2008.
GAAP gross profit margin was 50.9% for the fourth quarter of 2009, compared to 27.8% for the fourth quarter of 2008. GAAP diluted earnings per share from continuing operations was $0.47 for the fourth quarter of 2009, compared to $0.00 for the fourth quarter of 2008.
Non-GAAP gross profit margin was 51.0% for the fourth quarter of 2009, compared to 32.3% for the fourth quarter of 2008. Non-GAAP diluted earnings per share from continuing operations was $0.51 for the fourth quarter of 2009, compared to $0.05 for the fourth quarter of 2008. [Read the full article]