Wall St. jacks up pay after government bailouts

Source: MSNBC

NEW YORK - Wall Street's biggest banks are setting aside billions of dollars more to pay their executives and other employees just months after these firms were rescued with a taxpayer bailout, renewing questions about compensation practices in the aftermath of the financial crisis.

The recent outcry over bonuses at bailed-out firms prompted public alarm and promises of reform from financial leaders, who acknowledged that pay and bonuses should not reward risky short-term business decisions — such as those that contributed to the meltdown — but instead longer-term financial performance.

But Wall Street, helped by improving profits, is on track to pay employees as much as, or even more than, it did in the pre-crisis days. So far this year, the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year.

The increase in set-asides for employee pay has raised the ire of Washington, where lawmakers denounced financial leaders for returning to old habits and vowed to enact measures governing executive compensation.

Read more: http://www.msnbc.msn.com/id/32099693/ns/business-washington_post/

Fuckers.

and why bailouts shouldn't happen in the first place.


You know damn well if there's more trouble, these same companies will be THE FIRST to stick out there hand for our money. :grr:

being rewarded for failure is a birthright.

I hope they use this to explain WHY we are going to TAX THE CRAP OUT OF YOU above a certain pay level.

Assuming you're using the $100B/yr number.

:evilgrin:

for those bailing these rich bastards. Their day will come... enjoy your wealth.