Jim Cramer Says Secretary Made $400,000 /yr at Goldman Sachs

Run time: 06:12 https://www.youtube.com/watch?v=kwEcCgU9vJc   Posted on YouTube: April 11, 2011 By YouTube Member: leftunderground Views on YouTube: 0   Posted on DU: April 11, 2011 By DU Member: no limit Views on DU: 1838

 
This was this morning on Morning Joe. If you don't want to watch the entire exchange you can skip to the last minute of the clip where in trying to counter the point that secretaries in this country pay more taxes than huge billion dollar corporations Jim Cramer says his secretary at Goldman Sachs made over $400,000 a year. What an amazing figure that is when you consider the average salary of the following professions:

Teachers: $40,000 /yr
Police Officers: $45,000 /yr
Firefighters: $40,000 /yr
Doctors: $160,000 /yr

And yet a secretary is making over $400,000 a year working for a hedge fund manager. Un-fucking-believable.

with ever increasing responsibilities, I've managed a law office and ran a program for small tech business assistance that encompassed our entire state. 147 resumes, 18 replies and one interview later I can't even get a 30,000 admin job. Fuck, I'll do that for $100,000/yr. Goldman is getting ripped off!

thats whats wrong here in this country. We pay billions for these entertainment performers.

This is an unbelievably simple equation.

The debt = total spending - total revenues.

The right REFUSES to acknowledge, despite MOUNTAINS of real data and evidence, that "trickle down economics" DOES NOT WORK. ]
The revenue side of the equation is what is causing the debt...well, that and an unpaid for drug benefit, an expansion of the police state vis a vis Homeland Security / Patriot Act, and now THREE unpaid for wars of choice and/or aggression.

I can "solve" the debt crisis tomorrow - return all tax rates to what they were at the end of Reagan's first term and withdraw from NATO AND AFGHANISTAN AND IRAQ AND GITMO. Invest about $5M in locking doors on airplane cockpits and bullet-proof doors and END THE DHS. Finally, reform Medicare to end private insurance and nationalize the R&D of new drugs under the banner of the new National Medicare for All program that contains costs and also supports new drugs and treatments at the same time.

Easy peasy....no more structural "debt crisis"....now, wanna move on to paying off the $15T we already owe? I can do that too!!!

especially since Cramer himself admitted they were illegally manipulating the market.

It's basically a way to laugh in the faces of all those who struggle to make an average salary.

are told America can't afford to house, feed or educate you because it adds to much to the deficit. So learn to do more with less.... End the entitlement banking bubble so the rest of us may have food, shelter, and education...

Nobody pays secretaries that much unless they are balling them too. Once again Cramer is full of shit.

1. when I lived in NYC, in the mid 2000's, I knew several PA's, secretaries. and office managers who made between $125,000 and $200,000 as base salaries at medical and legal firms.

2. I'm sure that a good part of that $400K was bonus, based on..

3. One of my GF's best friend's (she was a hedge fund analyst/trader at Morgan Stanley) personal assistant made over $800K in bonus alone in 2007. I do not know her base, but it was at least enough to push her close to $1 million for the fiscal year. She (the trader) made over $35 million, mostly in bonus for the same period.

wages of sin, and all that
:dilemma:

sad, I could never make myself go get one of those jobs. But points out how poorly folks are paid in general. I do what amounts to secretarial and I make well under 40,000

I wouldn't believe a word coming out of his mouth if he said the sky was blue.

I would literally have to go outside to make sure that it didn't turn purple.

for the bankers....private profits, but socialized losses

They love to get people focusing on a job or person they can identify with (in this case a secretary) getting more than normal (but still a drop in the bucket of the overall wealth earned at the firm), whilst the true theft is made to be esoterically cleansed from a cognitive recognition function.


It's the same trick the Tea Baggers fall for when they attack teachers, unions, etc. They don't realize that it is not that teachers, etc (again people and jobs that they can relate to on a common socio-economic level) have had huge increases in wages/benefits, its that th private US worker has been decimated. The unions, in some cases, have lost gains too, and at best are simply treading water.


Think back 20 or 30 years ago. A public job was taken by people who were willing to trade higher private sector wages (that came with more risk) for the security of steady wages, benefits, and job security.

Now that the private workforce has been so diminished via globalization, NAFTA, and a policy from the top down of 'absolute advantage' in terms of free trade practice, they are now having their anger turned against a group of people who have simply maintained their wage/lifestyle levels at a marginal rate.