Wall Street to set new record with 140 BILLION in holiday bonuses
The single largest bonus pool is the 23 Billion Goldman Sachs is paying out.
“Given the rules, they earned it,” said Peter Siris, an investment manager at Guerrilla Capital in Manhattan and a columnist for the Daily News’ Your Money section.
“The problem is they earned it because the taxpayers helped them out. It bothers everybody to see the kind of money they’re making, but you can’t go back and reset the rules.”
Even more troubling, Goldman Sachs fired more than 3200 employees and outsourced everything it could to poorly paid providers. Kind of like the “Hyatt of banks” only to reward its robber baron elite with – really – 23,000,000,000.00 in bonuses. Just count those zeros!
This year’s bonuses are twice as much they were a year ago. It’s a larger bonus pool than any other year in the bank’s 140-year history.
Just to rub it in, check this out, from the same article:
The firm made $3.44 billion, almost $5 a share, in the second quarter and is expected to report third-quarter profits of $4.24 per share tomorrow, up 57%.
You know why the elite thinks “this” is just a recession, and the recession is over:
In 1980, the average CEO made 42 times what the average worker took home. Since then, the disparity has grown at least tenfold.
Goldman Sachs won’t be the only bank paying big bucks to employees this year.
Bloomberg News reported last week that a third of Wall Street bankers expect their bonuses to increase from last year.
What don’t they understand? A billionaire can only eat so many hamburgers, and after the 25th Mercedes, even a Goldman Sachs garage is full.
Just why is a serious tax clawback of these ill gotten gains somehow wrong?
but wouldn’t it adversely affect the stock market if these incredibly rich people weren’t quite so rich, and unable to invest their dollars into X number of funds?
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p>I just think that there is a upside to the system. Lots of downsides for sure, but all those bonuses are going to get pumped back into the system. Rich people don’t just put money in the bank and sit on it. They make it work for them, which does have benefits.
exactly what they do with the bonuses. They have pretty extavagant lifestyles…multiple homes, cars, vacations.
It would be far better for the country if these billions of dollars in bonuses trickled down to the working class, in the form of higher pay, better benefits, more jobs. Keeping the money floating around in the upper tier does nothing to benefit America as a whole.
I think they largely do just sit on it. Please show me I’m wrong.
You can bet that they are not giving it to charity.
about bailout barons, the engineers of the Great Recession of 2009, toasting to their own excess…with more excess, when the people who have been hurt the most by the economic meltdown are doing without. The president needs to get on top of this. His people gave these banks the stringless bailout.
But guess what, I am still watching and still passionate about reining in the robbers who raped our economy. Is anyone else but Justice4All still paying attention?
and we have been talking
about it. I truly believe we will crash again. This is ridiculous and unsustainable. People are still losing jobs and homes, taking wage cuts to keep their jobs. I appreciate your post very much. Please keep us informed with information, and I will try to do the same.
We bailed these clowns out and demanded very little in return. We don’t even know how they used our money. They’ve been getting away with legalized robbery for so long, why should we be surprised that they keep partying?
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p>From my favorite columnist Paul Krugman:
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p>http://www.nytimes.com/2009/10…
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p>”Administration officials are furious at the way the financial industry, just months after receiving a gigantic taxpayer bailout, is lobbying fiercely against serious reform. But you have to wonder what they expected to happen.”
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p>…
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p>”But there’s an even bigger problem: while the wheeler-dealer side of the financial industry, a k a trading operations, is highly profitable again, the part of banking that really matters – lending, which fuels investment and job creation – is not. Key banks remain financially weak, and their weakness is hurting the economy as a whole.”
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p>(end quote)
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p>Without reform, we won’t see lending and job creation. Without enough good jobs, tax revenues are depressed and services get cut at the same time that more services are needed.
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p>We need to demand that our Congress and President stop protecting the bank executives and start acting with the interests of the rest of us in mind. For those of us who supported Democrats in the last election, we should not let them take this support for granted.
Further, endless cuts are so depressing that THAT also cuts away at my enthusiasm and hope – where is the economic restructuring to protect and heal this economy?
via facebook note:
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p>”SenJohnMcCain: Wall Street bonuses: Goldman Sachs $16.7 billion; JP Morgan $8.7 billion; main street $0 – your tax dollars hard at work.”
Why not go waaayyyy back – to the days when the aristocracy of England composed the House of Lords in Parliament and while Parliament was in session any attending member of the House of Lords had to pay a pro-rata share of the cost of running the government. A “Summons to Parliament” really bit in those days because in order to exercise power you had to pay for the opportunity.
…I got a chance to see Michael Moore’s “Capitalism: A Love Story” this evening. I recommend it.
I just watched SICKO this weekend, it was excellent.
It’s still at a theater near you!
See: http://www.thebostonchannel.co…