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Even in a recession Wall Street greed manages to reach record levels. Overall compensation has grown.
From the article:
"DiNapoli said compensation on Wall Street grew six percent last year, but because bonuses have become so controversial and because of regulatory changes, many firms have altered the way they compensate employees. They're giving out less money in bonuses and more money in the form of base salaries"
With all the talk about public sector cuts and everyone else tightening their belts, why is there a double standard for Wall Street? Is it ok because they're rich? (DRIPS OF JEALOUSY)
They evidently made a profit and were able to give it to the employees through bigger base salaries.
Profit is good.
Making money is good.
It gets taxed which I am sure sends a tingle up your leg hoping some of it gets to you through wealth distribution by the government.
At least they are doing something that makes a profit.
Last year's compensation was horrible, so a 6% increase from horrible was what, just terrible? LOL
Exactly. Many have pensions worth $1 million or more. They're fat cats.
If you have a $1 million pension and you live an additional 25 years after retirement then that averages out to $40,000 a year. Would you rather these people be destitute and depend on food stamps, welfare and other forms of public assistance?
Also if you really want to have a serious discussion about pensions then how the pension funds are managed has to be put on the table. I have yet to see any Conservative seriously discuss this issue.
LOL..one of the most astonishing posts that i've ever read. Amazing.
I know. The public is OUTRAGED that they're forced to fund teachers' million dollar pensions while they'll have to choose between medicine, food, or paying their property tax bill so they don't lose their homes because Social Security checks won't cover all three.
EVERYONE should be amazed at the unions' shameful greed.
So no one is concerned that pensions were sold AAA rated financial bundles that were junk, and were sold these by people who even had the audacity to short them because they knew they were junk. Then when it call crashed these financial wizards ponied up to the government trough to be bailed out with money at an interest rate NONE of you can get to the tune of hundreds of billions of dollars, some of which they are paying in bonuses for the massive profits they made sucking the life blood out of the American worker.
I know. The public is OUTRAGED that they're forced to fund teachers' million dollar pensions while they'll have to choose between medicine, food, or paying their property tax bill so they don't lose their homes because Social Security checks won't cover all three.
EVERYONE should be amazed at the unions' shameful greed.
They do not get a million dollar pension. The capital used to fund their pensions may be a million dollars. The pension itself is closer to $50 thousand.
If you have a $1 million pension and you live an additional 25 years after retirement then that averages out to $40,000 a year. Would you rather these people be destitute and depend on food stamps, welfare and other forms of public assistance?
What do you think happens to those who retire on Social Security? Think they'll get $40,000 per year?
Because union-spiked sky high property taxes and other taxes are gouging the working class, they haven't been able to save for their retirements, but have been forced to fund fat cat union pensions.
I know. The public is OUTRAGED that they're forced to fund teachers' million dollar pensions while they'll have to choose between medicine, food, or paying their property tax bill so they don't lose their homes because Social Security checks won't cover all three.
EVERYONE should be amazed at the unions' shameful greed.
And what exactly are the yearly amounts a retired teacher in WI collects in a pension $35,000-40,000 at most perhaps?
So no one is concerned that pensions were sold AAA rated financial bundles that were junk, and were sold these by people who even had the audacity to short them because they knew they were junk. Then when it call crashed these financial wizards ponied up to the government trough to be bailed out with money at an interest rate NONE of you can get to the tune of hundreds of billions of dollars, some of which they are paying in bonuses for the massive profits they made sucking the life blood out of the American worker.
Yeah, we're outraged, but that's Obama's baby, and the lefties won't do a damn thing to hold him accountable.
It basically boils down to this: Obama owes, and is owned by, Wall Street. A couple of key quotes: "Everything's f**ked up, and nobody goes to jail" - former Senate investigator "The betrayal that this represents by Obama to everybody is just — we're not ready to believe it," says Budde, a classmate of the president from their Columbia days. "He's really f**king us over like that? Really?"
So... what we have here is the LEFT totally screwing the middle class with their support of Obama and his Wall Street pals, and the public unions.
They do not get a million dollar pension. The capital used to fund their pensions may be a million dollars. The pension itself is closer to $50 thousand.
Add it up. The totals are obscene.
Let us know when Social Security recipients receive $1 million over the course of their retirements.
It basically boils down to this: Obama owes, and is owned by, Wall Street. A couple of key quotes: "Everything's f**ked up, and nobody goes to jail" - former Senate investigator "The betrayal that this represents by Obama to everybody is just — we're not ready to believe it," says Budde, a classmate of the president from their Columbia days. "He's really f**king us over like that? Really?"
So... what we have here is the LEFT totally screwing the middle class with their support of Obama and his Wall Street pals, and the public unions.
Hey, don't get me wrong, the Obama administration along with Congress and probably the previous two administrations are all responsible for what has taken place in the fleecing of the American people. This isn't simply left right and I'm willing to bet that those folks on this very forum who are far better at the bean counting than I could show that this is a systemic problem spanning several Presidents. Its deeper than mere partisan politics, its very much a top vs bottom war and profits and cash prizes are what is at stake.
Economics make my eyes glaze over, as I spend enough time in foreign policy matters that I simply don't have the time to devote learning at any depth the nuances of economics. However I would like to read Taibbi's book because I watched the interview and it simply makes my blood boil.
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