Friday, October 22, 2010

Wall Street Pay Rises 20%

The crooks on Wall Street are raking in the dough even as they are pushing for the dismantling of Social Security, the firing of teachers, cops and other government employees, and the destruction of government worker pension plans:

WALL Street incomes are surging back.

The government reported this week that the real wage and salary income of finance industry employees based in Manhattan rose nearly 20 percent in the first quarter of this year. That surge helped make Manhattan the fastest-growing county in the United States in terms of terms of year-over-year gains in income.

Most Wall Street firms pay bonuses in the first quarter of each year, and the figures indicate that bonuses were much higher this year than in the same quarter of 2009. Then, of course, the financial crisis was at its most severe, with stock prices at 12-year lows and major banks being bailed out. It was not a good time to be paying bonuses.

The figures released by the Bureau of Labor Statistics are based on unemployment compensation insurance premiums paid, and thus reflect virtually all employees rather than relying on surveys of workers or employers. Unfortunately, to get such detail requires substantial delays, which is why first-quarter figures are only now coming out.

As can be seen in the accompanying graphic, the average financial industry employee earned just over $100,000 in the first three months of the year, a figure that was up sharply from the same period of 2009 but still below the payouts in the previous three years.

The fact that those averages include bank tellers and trading desk clerks, as well as senior investment bankers, shows just how large many of the bonuses were.

After Cuomo the Crook gets elected, his criminal friends on Wall Street will be making even more money, because he intends to take on the public workers unions and slash pensions, benefits, and salaries.

Because the state cannot afford to pay these anymore.

But the crooks on Wall Street, most of whom work for corporations that pay few taxes and receive subsidies from the state and the city for locating where they do - those guys deserve more.

Until we take to the street and TAKE back the money from these people, this is going to get worse and worse.

Since Americans have long been complicit in their own oppression, I doubt that will ever happen.

But I am happy to be wrong.

5 comments:

  1. A new blog called "The Ulsterman" supposedly comes from an ex Obama insider who's spilling info on the demise of the Obama administration as we speak. Here's some info on the supposed situation:

    http://blog.alexanderhiggins.com/2010/10/15/wayne-madsen-white-house-in-crisis-6473/

    "By Wayne Madsen

    Section 4 of the 25th Amendment likely to be invoked; Obama being shipped out!

    Washington has not witnessed so much top level White House intrigue since October 20, 1973, when a Saturday night saw President Nixon fire the Watergate independent counsel, the U.S. attorney general, and the deputy attorney general in the “Saturday Night Massacre.” Just ten days earlier, Vice President Spiro Agnew resigned after being charged with accepting bribes while governor of Maryland.

    In the case of President Obama, the senior firings are not happening during a single night but the recent involuntary sudden departures of the White House chief of staff and national security adviser, along with what WMR can confirm from multiple sources is a president who is suffering from Nixonian levels of paranoia, depression, and schizophrenia, has some top-level administration officials considering the first-ever invocation of Section 4 of the 25th Amendment — the involuntary removal of the president from office. The White House meltdown has the Washington political circuit buzzing under the surface.

    Unlike Watergate and the Iran-contra scandal, however, the corporate media is refusing to report on the breakdown of the Obama administration and the internecine political warfare within the Executive Office of the President.

    The “Ulsterman” Diary

    Like Watergate, the rumors about Obama’s mental health, his lack of interest in the routine tasks of the presidency, and his mistaken belief that the crowds who see him on the campaign trail automatically adore him, are emanating from a “Deep Throat,” a former White House staffer who is providing detailed information on the chaos and in-fighting in the White House to a blogger who goes by the name of “Ulsterman.” Ulsterman has conducted a number of background interviews with the former Obama staffer over the past few weeks, publishing them in a series. WMR has independently confirmed with Washington insiders, some with high-level contacts in the White House, that most of the information in the interviews is correct.

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  2. Further reading, and once again, this is not confirmed information, reveals very serious allegations on Obama, including heavy drinking, laziness, and worse. However, one thing is certain-the amount of inner staff turnover is unprecedented pre-election. There very well could be fire from where this smoke is coming from. . .

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  3. There is word of a Rahm Emanual fight with Michelle Obama; Michelle urging Obama NOT to run in 2012; and the Hillary threatening to run against Obama even if he runs in 2012. This and MUCH more salacious material in this blog.

    It's plausible, and why? This guy hasn't run as much as a hotdog stand his entire life, other than a short Senate stint. Suddenly he's President of the U.S.? Quite possible he simply snapped. Not beyond the realm of possibility.

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  4. And the first one:

    Obama Severely Depressed

    http://newsflavor.com/politics/world-politics/white-house-insider-obama-battling-severe-depression/

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  5. Wayne Madsen isn't a reliable reporter of anything.

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