Investors might have lost a fortune with Wall Street's top banks writing off billions in trading losses related to the credit crunch, sparked by by defaults on sub-prime mortgages. Even Swiss Re, the world's leading reinsurer, has just revealed a massive writedown.

But the ones who are really cleaning up are the financial professionals who are set to take home record bonuses this year.

Wall Street's top five firms could pay out $38bn to staff, up $2bn on last year, reports Bloomberg. Might explain why demand for "super-luxury'' apartments in Manhattan, priced at or above $10 million, is now at an all-time high. And New York charities say donations are rolling in.

One of the best examples of the creative pay packages is at subprime mortgage originator NovaStar Financial. As Gretchen Morgenson points out, the executives have really raked it in from their options scheme. The most perverse element? Cash dividends on stock option grants. Not shares, but options. Where's the downside?

But for the best summary of how bad the situation is, let's turn to this video of British comedians John Bird and John Fortune exposing the financiers. That includes giving their products "very good names", like the "High Grade Structured Credit Enhanced Leverage Fund." Much better, they say, than "Unemployed Black Man In A String Vest Fund"