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Wall street poised to make record pay-outs AGAIN,
Posted: Oct 12, 2010
WSJ: Wall Street Pay: A Record $144 Billion
Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal. 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. See link below for remainder of article.
A telling passage in this piece is, "...Until focus of these institutions changes from revenue generation to long-term shareholder value, we will see these outrageous pay packages and compensation levels," said Charles Elson, director of the Weinberg Center for Corporate Governance.
In the meantime, Hiring Freezes and Layoffs Begin on Wall Street
Hello. Shareholders, entry- and low-level employees get shafted or shut out, while record pay-outs to upper levels continue unabated. Kinda poke holes in those arguments aimed at justifying why poor, strapped, scared and insecure corp giants are not willing to create new jobs. Greed and its promoters, supporters and defenders are deliberately holding th eonomy hostage. Policy enablers need to take their place in the unemployment lines ASAP.
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Excellent and timely post. - nm
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