The Wall Street Journal reports that Wall Street compensation is on pace to break a record high for a second consecutive year.
"About three dozen of the top publicly held securities and investment-services firms -- which include banks, investment banks, hedge funds, money-management firms and securities exchanges -- are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms."
Many of these same people paying themselves record compensation, btw, were behind the Keep Teachers Great movement to end seniority rules in public education and make sure that middle aged teachers making $75,000+ get laid off first when Bloomberg drops the axe.
Don't be such a sourpuss: you should be proud that your tax dollars are being used to pay for foie gras, cocaine and hookers for these guys.
ReplyDeleteWhen the Federal Reserve allowed Goldman to become a commercial bank, they became eligible for FDIC insurance, 0% borrowing privileges at the Fed's discount window, and TARP funds recycled into bonuses. This is known as financial innovation, and it's necessary to keep the "talent" happy. That teachers and the fast-dwindling middle class are being asked to live on cat food when they retire is a small price to pay for maintaining America's "knowledge" economy.
Repeat after evil gnome Lloyd Blankfein: they're doing God's work, and there is no alternative.