If you ask Bernie Madoff, Wall Street has a major pay problem on its hands.

In a letter to CNBC from prison, the infamous Ponzi schemer wrote that signing bonuses, which Wall Street firms use to capture top staffers, are only a symptom of a larger compensation problem in the financial industry.

“The real problem with the signing bonuses is that pressure that the new firms put on their bonus babies to generate large commissions by promoting special products of the new firm to pay off those bonus costs,” he wrote in his letter last week.

Continued

SOURCE: http://www.huffingtonpost.com