Wall Street Pay Hits Record Levels

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.

This entry was posted in News, President Barack Obama, Wall Street and tagged , , . Bookmark the permalink.

6 Responses to Wall Street Pay Hits Record Levels

  1. Thai Noodles says:

    Polls show 91% of blacks approve of the job Obama is doing, while just 36% of whites approve of the job he’s doing.

    But Obama’s pro-Wall Street, anti-Main Street agenda is hurting black Americans who are poor in greater numbers than white Americans.

    I don’t get it.

  2. Joe in Colorado says:

    That’s a whole lot of compensation at a time when we see record unemployment, battles on Capitol Hill to extend unemployment benefits and caps on Social Security COLA benefits. Everything about President Obama suggests he’s an elitist tool and as phony in his public persona as they come.

  3. Brigadoon says:

    I hope President Obama’s ‘enemy’s list’ is big enough to include 95% of the LGBT community because that is the reality of what this president is facing in 2012. I hope he enjoys retirement because he’s a one-termer and he only has himself to blame.

  4. retahyajyajav says:

    Christopher – Did you see the GetEQUAL protest that awaited Barry in Miami yesterday?

    From land, sea and even air, protesters were present to remind him to stop the military discharges of gay and lesbian service members.

  5. Eric Equality Kuntz says:

    Obama’s allegiance to Wall Street is reminiscent of Reagan’s trickle-down economics.

    Benefited the fewest country club swells at the top and everyone got a swift kick in the arse. Think: Dynasty Redux.

    See what 4 years at Harvard will do to a guy? 🙂

  6. Leonard says:

    The reason, Thai Noodles, that Blacks have supported Obama so fervently is that they have mistaken him as being cut from the same social-ethnic cloth as they. Well, he’s not! How can a guy who spent so much of his early life living as a non-American and being mentored by Socialists or Communist-leaning activists as well as being mothered by a person without any nationalistic loyalty to the U.S., be identified with me whose background is emersed in the fabric of this country, its ethnic and racial history, for generations. Yes, he’s rightfully labeled as an “African-American”. But, I detest that term if it’s applied to me. My parents were American. Their parents were Americans. And so on back more than five or six generations. The term “Black American” encompasses all of that history which, in fact none of us share with Mr. Obama!

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