Monday, November 09, 2009
And they won't even say thank you
To the millions of taxpayers whose tax dollars have done so much to support their continuing gambling.
That's only the three largest firms. JP Morgan Chase took $25 billion in government aid; Goldman Sachs and Morgan Stanley, $10 billion each. All three have paid back the government bailout money they've received, but the liquidity and "cheap money" offered by the Fed have kindled record profits at their investment and trading arms.Two things to remember, first it will never be divided equally, regardless of how necessary their efforts may be, little people don't count. And second, the profits are not from investment, but from the latest and greatest "3 card monte" schemes beloved by Wall St. which draw money out of the economy instead of putting it into growth and development of business. Where is the Guillotine when we need it?
According to analyst estimates published by Bloomberg News, the financial banking triumvirate will shell out $29.7 billion in bonuses this year -- up 60 percent from 2008, and higher than the previous record of $26.8 billion in 2007.
If divided equally among the firms' collective 119,000 employees, the sum total per worker comes to $250,400 each (which Bloomberg notes is almost five times the median US household income of $50,000).
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