Thursday, November 13, 2008

Wall St. Welfare

If the bailout had actually, you know -- worked -- this wouldn't be so irritating.
"According to a report from financial news agency Bloomberg, Goldman Sachs, for example, has set aside $6.8 billion for bonuses, and Morgan Stanley, $6.4 billion. [...]

Gandel, who's a Money magazine senior writer and contributor to says, "Compensation should be down 70 percent but, because all this new money is coming from the government, the firms are now saying they can pay more, and so they're only going to cut bonuses by 40 percent." [...]

Even without bonuses, the mean annual salary for a securities industry employee was just under $400,000, David notes, ten times more than the average U.S. worker."
Meanwhile, unemployment claims reach new highs.

Personal reponsibility apparently only applies when we're talking about the social safety net for the working poor. No need for the privileged Wall St wealth holders to trouble their beautiful minds with such low brow concepts.

[More posts daily at The Newshoggers and The Detroit News.]

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