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Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.
At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business.
scheme to incur $700 billion in new public debt in order to transfer the money into the coffers of its financial donor base. The U.S. taxpayers will be left with the interest payments in perpetuity (or inflation if the Fed monetizes the debt), and the number of Wall Street billionaires will grow. As for the U.S. and European governments' purchases of bank shares, that is just a cover for funneling public money into private hands.
The explanations that have been given for the crisis and its bailout are opaque. The U.S. Treasury estimates that as few as 7 percent of the mortgages are bad. Why then do the U.S., U.K., Germany and France need to pour more than $2.1 trillion of public money into private financial institutions?
City bankers have not lost a penny of their multimillion-pound bonus packages so far, despite the credit crunch which has caused the worst financial crisis in 80 years, new figures show.
Official statistics reveal that, in the financial year to April, City workers took home £16bn, almost exactly the same as in 2007.
Last year, Bob Diamond, the president and head of investment banking at Barclays whose base salary was £250,000, was paid £18m after bonuses and options were taken into account.
Originally posted by ModernAcademia
The first to report this is a UK news site??????????
Will this even hit maintream????
In the US, congressman Dennis Kucinich has called for an inquiry into remuneration proposals at Wall Street's top banks, after a Guardian report revealed that six distressed institutions had drawn up pay plans, including substantial discretionary bonuses, worth more than $70bn for first nine months of the year.
The Truth is that the purpose of the EESA/TARP is to rescue the bankers on Wall Street and elsewhere who have made imprudent loans, all of whom are aware of the declining value of a dollar of debt in the economy - a fact they have intentionally concealed from you. The bankers (including Hank and Ben) all know how to do this math, and they are well-aware that the best they can do at this point is to "Rob every dollar you can while the getting is good, and hope they don't figure it out before you get the cash."