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Wall street execs collect $33 BILLION in bonuses while markets are tanking!

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posted on Jan, 21 2008 @ 02:00 PM
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Wall street execs collect $33 BILLION in bonuses while markets are tanking!


business.smh.com.au

The Wall Street gurus who presided over the subprime mortgage crisis currently shredding global sharemarkets have awarded themselves bonuses totalling $US33.2 billion ($38 billion).

In a concession to the crisis - which has forced America's largest banks to write off billions in bad investments and raise billions more to shore up their capital reserves - the bonuses were down nearly 5 per cent on the previous year.

The average bonus of $US180,420 ($206,088) in 2007 dipped 4.7 per cent from the previous year, New York state Comptroller Thomas DiNapoli said in a statement today.

The securities industry rewarded $US33.2 billion in bonuses to its New York City employees, two per cent less than the record $US33.9 billion ($38.7 billion) in 2006, he said.

The numbers are taken from the seven largest financial firms headquartered in New York City, which are tracked by the comptroller's office. The firms are Citigroup, Merrill Lynch, JPMorgan Chase, Goldman Sachs, Bear Stearns, Morgan Stanley and Lehman Brothers.

All except Goldman Sachs
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posted on Jan, 21 2008 @ 02:00 PM
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This epitomizes everything that is wrong with the direction our country is headed. These morons should be sitting in a prison cell. Instead they'll be laughing at all the fortunes they made while burrying the small guy.

business.smh.com.au
(visit the link for the full news article)



posted on Jan, 21 2008 @ 02:26 PM
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It's not too hard to figure out that those who have their hands in our pockets.....get to pull out whatever cash is left first.
With banks going sour, where would these guys move these accounts to? Swiss Bank accounts? When people buy gold instead, who's to say it does or doesn't really exist either?



posted on Jan, 21 2008 @ 02:33 PM
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reply to post by aleon1018
 


No doubt. I'm wondering if we are approaching the day of mass street markets again, where people are literally trading gold coins for food and resources on the street. Our monetary system and securities is really frighteningly unstable.



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