Paterson says Wall Street bonuses are vital for recovery

12/11/2009 | NYTimes.com

New York Gov. David A. Paterson was on Wall Street Wednesday but, unlike other high-profile politicians, Paterson was there to praise bankers and finance professionals and to urge them to defend their high, year-end bonuses. "Some people think that if you deny the bonuses, that the money's coming back to the American taxpayers," Paterson said. "It's actually the other way around: If you deny the bonuses, the money stays in the firms. It's when you pay out the bonuses that you start to get the huge tax collections that New Yorkers see."

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