Ttl. bllsht.

From Time‘s “How Washington’s Bailout Will Boost Wall Street Bonuses”:

“[T]he average managing director at an investment bank, a title typically earned around eight years on the job, will receive a bonus of $625,000. That’s down from nearly $1.1 million last year, but it is still 15 times the income of the average American household. Top bankers could receive as much as $1 million. Even a bond trader just out of business school could see his or her bank account enriched by as much as $170,000 this Christmas. ‘The firms have had an extremely difficult year,’ says Joan Zimmerman, a Wall Street career coach. ‘But they can’t afford to lose talent either.’

While the government rescue limits the salaries of five top executives of each of the participating financial firms, Congress did nothing to restrict Wall Street firms from using taxpayer funds to boost the compensation of rank and file investment bankers. ‘Some people might argue that these bankers should not be penalized if they weren’t personally involved in the risky mortgage-backed securities,’ says Sarah Anderson, project director of the Global Economy Project at the Institute for Policy Studies, a progressive think tank in Washington. ‘My response is that average taxpayer wasn’t either, but she is being asked to take a hit.'”

Makes me sick to my stomach.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: