After the 1929 crash, pay on Wall Street declined after reaching bubble proportions. Following that depression, banker pay came more in line with other professions. Not this time though if these early actions continue. Congress remains owned by Wall Street and yes, Timmy Geithner remains too easy on this bunch of freeloaders. The normal Wall Street apologists and cheerleaders will all praise this move though it's hard to make sense of it in the real world. There is no reason why everyone else should fund their lifestyle in these times. Let them pay off the government and quit suckling from the government teat and then let them make money on their own. Maybe instead of thinking about themselves first - their collective butts were saved by regular people - they should worry more about getting everyone's retirement plans back before they worry about funding their own greed. Screw these people and screw Washington for allowing it.
Even as the industry’s compensation has been put in the spotlight for being so high at a time when many banks have received taxpayer help, six of the biggest banks set aside over $36 billion in the first quarter to pay their employees, according to a review of financial statements.Yeah, and screw this clown as well. What about the "capital" that used to be in the 401K and retirement plans? It's more than fair that everyone else should get their jobs back and recover their own personal losses before Wall Street banksters get to buy a new house in the Hamptons.
If that pace continues all year, the money set aside for compensation suggests that workers at many banks will see their pay — much of it in bonuses — recover from the lows of last year.
“I just haven’t seen huge changes in the way people are talking about compensation,” said Sandy Gross, managing partner of Pinetum Partners, a financial recruiting firm. “Wall Street is being realistic. You have to retain your human capital.”
