Record Payments in Wall Street
Posted: January 15th, 2010 | Author: admin | Filed under: Money Management | No Comments »If this doesn’t give Democrats the spine to pass tough financial regulations, they don’t deserve to be in the majority. From The WSJ:
Major US, banks and securities firms are on pace to pay their people about $145 billion for 2009, a record sum that indicates how compensation is climbing despite fury over Wall Street’s pay culture.
An analysis by The Wall Street Journal shows that executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn nearly 18 percent more than they did in 2008 — and slightly more than in the record year of 2007. . .
Whether they directly took bail-out money or not, none of these Wall Street wizards would have survived without taxpayer funds, which kept the entire system from collapse. Yet, they are shameless enough to pay themselves more than they made in 2007, before the bottom fell out.
If Congress can’t stand up against this, the whole lot of them should be run off.