Lawmakers Warn Against Return to Pre-Crisis Levels
Thursday, July 23, 2009
NEW YORK, July 22 -- Wall Street's biggest banks are setting aside billions of dollars more to pay their executives and other employees just months after these firms were rescued with a taxpayer bailout, renewing questions about compensation practices in the aftermath of the financial crisis.
But Wall Street, helped by improving profits, is on track to pay employees as much as, or even more than, it did in the pre-crisis days. So far this year, the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year.
Goldman Sachs caused a stir last week when it disclosed it had set aside a record $6.6 billion for compensation expenses in the most recent quarter, bringing the total for the first six months of the year to $11.4 billion. If that pace continues for the rest of the year, Goldman's employees will earn an average of about $773,000, more than double the figure last year and even exceeding the $700,000 paid in 2007.
There is no such thing as Trickle Down Economics. You will not see a penny of this, you will not benefit even the slightest this from this. Instead you will have to deal with corporate interest taking priority over your interest in public matter. In the Middle Ages they used religion to keep the people from taking what is rightfully theirs, now they use a dual attack of commercial distractions, and free-market capitalist dogma. How does it feel to be a modern day serf?
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