Major U.S. 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% more than they did in 2008—and slightly more than in the record year of 2007. The conclusions are based on an examination of securities filings for the first nine months of 2009 and revenue estimates through year-end.
Thanks for the bailouts, Bush/Obama/Congress.
Distraction.
Lame.
Clearly they are paid obscene amounts (as Obama has stated). In fact a Tarp Tax is being proposed for bankers for their gambling practices allowed under the Cheney administration.
Never mind that, though.
Didn’t banks pretty much pay back (with interest) the bailout sums? The only one is AIG.
And their excuse? That if the government puts a cap on the salaries/bonuses then the talent would flee the company.
BUT IF THEY ACTUALLY HAD ANY TALENT THEY WOULDN’T HAVE TO BE UNDER AND IN NEED OF BAILOUT MONEY IN THE FIRST PLACE.
Why the hell aren’t people out with flaming torches and pitchforks about this?!
As I recall, the Republicans were totally against putting any salary restrictions in the TARP bill. In the effort to gain bi-partisanship it was dropped.
I think only four major financial institutions have completely repaid their TARP money.
But this fucking administration will find a way stick to them as well.
letr me see that is only 55 million years worth health care for me… hhmmm
Record salary levels during the Obama administration? Surely you jest!
These banks are paying from 30-50% of their entire net to their executives.
What a scam, how can anyone think to invest their own money (or the taxpayers’ money) is beyond me.
Everyone, both individually and business, needs to pull back from either investing or doing business with these greedy pirates until someone decides to give these profits to the investors who actually own the bank, not the idiot executives.
What do you expect? The fed is giving them free money to lend or just buy government bonds at 5%.
Who would bother studying tech in school when you can go into banking, or Wall Street in general, and learn to steal legally?
Relax, you free market obsessive compulsives. No executive salaries will be harmed, no poor oppressed little wall street suits will be tossed on the mean, cold streets.
You can rest with the assurance that golden parachutes and soft soft piles of money will cushion their blows.
Meanwhile, enjoy your mud and grass soup, and don’t forget to vote republican in 2010!
Restore the Progressive Income Tax !!! In the “Glorious 50’s”, Elvis was paying 90%, these clowns on Wall Street should be too !!! And Classify all income the same, ELIMINATE THE CAPITAL GAINS TAX !!!