Tuesday, October 12, 2010
After I reported yesterday that 58 million Social Security recipients won’t receive a COLA (cost of living) in their monthly benefit checks for a second consecutive year, I found this jewel today.
The Wall Street Journal reports that Wall Street pay is on pace to break a record high for a second consecutive year.
“About three dozen of the top publicly held securities and investment-services firms which include banks, investment banks, hedge funds, money-management firms and securities exchanges, are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.”
It’s worth noting that President Obusha and his economic team lead by Timothy Geithner and Larry Summers are most concerned with protecting banks, investment banks, hedge funds, money-management firms and securities exchanges.