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Off the Deep End: The Wall Street Bonus Pool and Low-Wage Workers


#1

Off the Deep End: The Wall Street Bonus Pool and Low-Wage Workers

Sarah Anderson

Wall Street banks handed out $28.5 billion in bonuses to their 167,800 employees last year, up 3 percent over 2013, according to new figures from the New York State Comptroller. These annual bonuses are an extra reward on top of base salaries in the securities industry, which averaged $190,970 in 2013.


#2

What class warfare


#3

No surprise here!


#4

The basic political problem with Wall Street's financial dynamic is that average US voters do not understand how it all works. They don't connect the loss of their jobs or the increasing costs of food and fuel with the bonuses described in this informative but unsurprising article. Our corporate media gives their bosses cover by framing any consideration of inequality or social injustice as un-American or socialistic.

mcp


#5

In order for a system of graft of this magnitude to function (and remain in place), huge monies are paid out. They may not be defined as bribes, but that IS what they are.

An honest economy measures things like actual products and the overall well-being of its citizens.

A FAKE economy can invent any illusory financial instrument and if it hires enough cons to spread the Big Con around, a lot of $ can be made. After all, when a system of so fabricated a nature is itself utterly divorced from labor, resources, and actual things of worth... what limit COULD be placed on it? The problem is that now countless streams of faux wealth merge into transactions that involve real persons' lives, and real ecosystems.

Had the Casino Capitalists' dreams of "the sky's the limit" been maintained AS a separate casino--rather than merged with banks and global monetary systems--it could have existed in its own nether "universe."

In the same way that genetically mutilated foodstuffs are now melding into the natural plant world, never to be fully decoupled, these gigantic streams of fake "wealth" now taint the real and genuine article.

The whole thing must collapse since it is unsustainable. This is obvious in that the market in derivatives is many trillions more than the net global economy.

That's why to keep their pyramid scheme going, the central bankers are now taking aim at Social Security, and all of the unique government services that previously ensured that European citizens would have health care and a modicum of security into their old age.

The bastards who've gotten fattest off of this fiscal golden calf are like vampires. They won't stop until they ARE stopped, or until they take blood from the aged, infirm, and most vulnerable... nor will they stop there.


#6

Bull Shit! The system has always been gamed by Big Money. Interims of control and regulation are punctuated against interims of all systems go.

For instance, in order to prevent another Great Depression very real laws (Glass-Steagall) were passed to make sure that nothing that desperate to human lives and the overall economy COULD happen again.

But when Reagan covered the land in mantras against government, and then Clinton the Centrist rode in on his bipartisan horse to anesthetize KEY regulations in numerous areas, banking merged into Wall Street's con games. Another Depression inevitably followed. It was hardly the public's wishes to see the gambler-hustler-banksters bailed out rather than homeowners; or to see the same lax regulations remain in place so that with this new bubble inflation precedents are set that force taxpayers to pick up the bad bets.

Only an idiot would agree with this. Citizens were allotted no input, and the corrupt system of elections vetted, funded, and media-promoted by special interests are hardly proof of citizens' positions.

This has NOTHING to do with voters. In case you missed it, genius, wealth has been ENGINEERED back to the robber-baron 1% all over Europe, Russia, the U.S. and Mexico, etc.

Average voters don't count. The Page & Gilens Study proves it; and the Piketty Study exposes how much money has moved into so few hands. As former chief Justice Brandeis put it (I believe he is the source of this quote), "You can have Democracy OR extreme concentrations of wealth, but not both."

You post the argument that citizens have a voice, that Congress reflects their wishes, that the courts are fair, that elections suggest a still functioning Democracy when currently (inside the Inverted Totalitarian state) all of these suppositions are passe.

This is a different era where the appendages of Democracy remain in place but POWER is not in The People's hands. Global climate change perturbations, the collapse of the fake economy, the empire's imperial quests allowing it (like Ancient Rome) to rot from within will all coincide to bring about demise or revolution or both. Meanwhile, you can take that "blame voters" shtick and shove it where the sun don't shine. It's bogus!


#7

To get just how grave our situation is, you need to add in one thing that libs won't talk about: The fact that what the rich are now doing to the middle class is simply what the middle class already did to the poor. To understand this, you have to look at our history. This isn't the first time the richest few took power over our politics and policies, to the great harm of the nation. Each time in the past, the poor and middle class, workers and the jobless, ultimately united to successfully push back. That can't happen this time. Years ago, Newt Gingrich explained that the only way to bring the "Reagan Revolution" to fruition was to pit the middle class and poor against each other. Divide and conquer. This leaves us powerless to unite to push back.


#8

Right now the surviving wage earners and better wage earner are being set up for their financial crash through 401k's, when expected returns are not realized due to the unlucky chance known as market manipulation.. Not happy with the extraction damage already done to the struggling wage earmer, company HR departments are being persuaded that it is better for low wage employees to "opt out" of the 401k than "opt in" because that increases their participation in funding finance industry payrolls though 401k fees and percentages and also fund increasing executive stock compensation by providing a source of cash to buy stock shares given to execs as low tax paychecks.
Right now the best answer to this institutionalized theft is a green party vote and expansion of SS to at least provide an option to the 401k.


#9

The ridiculous spectacle of Wall Streeters gorging themselves financially while half of America struggles to feed its children is made possible by our make-believe financial system which in turn is fueled by the oil-sales-based dollar. The only reason America enjoys its fake prosperity is that the vast majority of oil sales and other commodity sales are in dollars, but that's beginning to change rapidly. And when it changes enough, when Russia and China have their currencies flowing globally in many directions, the dollar will topple and collapse into a fraction of its current value. That's why U.S. officials and the U.S. media are now engaged in a strange and frantic new round of Russia-bashing and China-bashing, hoping to lay the groundwork for new wars that will drain Russia and China economically and delay the day of reckoning for the dollar. It's a dangerous game, and the couch commandos in Washington, D.C. might inadvertently learn the hard way what war is really like. Perhaps then there will be less chest-thumping among those political "heroes" who are always so eager to send other people into unnecessary conflicts.


#11

Hell Global Corporate Empires including Wall Street and the banks
own the elected officials , the news media , the Court Judges
and everything of importance ,,,, which walks or crawls in this nation today.
In fact they have brought with our tax money foreign nations to left them have
their way..


#12

I take some solace in hoping that what Marx said will eventually come to pass, " Capitalism will have it's day, but in the end it will fall at the feet of socialism".