Wall Street Banks in $70bn Staff Payout

Wall Street Banks in $70bn Staff Payout

www.prisonplanet.com

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.

Pay plans for bankers have been disclosed in recent corporate statements.

(visit the link for the full news article)


Related News Links:
www.guardian.co.uk

Unbelievable!!!

So the tax payers aren't just bailing the bankers out, they're also giving them huge bonuses for the "great" job they've been doing!

Morgan Stanley paid out enough bonuses this year that if its workers pooled all their bonus money together, they could actually buy the company!

Why do they think they deserve bonuses?

When is all this BS gonna end!

They're doing the same thing in the UK too!

www.prisonplanet.com
(visit the link for the full news article)

[edit on 10/18/2008 by Keyhole]

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