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Six Infuriating Statistics (With GIFs to Match) Help Explain Recklessness of Wall Street Bonus Culture


#1

Six Infuriating Statistics (With GIFs to Match) Help Explain Recklessness of Wall Street Bonus Culture

Jake Johnson, staff writer

It can often be difficult to effectively capture how vast the gulf between wealthy executives and low-income Americans truly is, but the Institute for Policy Studies (IPS) attempted to do just that on Monday with the help of newly released Wall Street data and a handful of expressive GIFs.

"The average Wall Street Bonus was $184,220, while the typical “tax reform” bonus was $1,000."
—Institute for Policy Studies


#2

Quit giving these vampire squids your money to play with. They will take their bonuses out of it in good times and leave you holding the bag in bad.


#3

There are only 884,000 full-time minimum wage workers in the whole USA - while there are 176,900 "Wall Street employees (whatever that means)? Surely the number is higher than that - just the number of migrant farm workers (most of whom are exempt from, and don’t even earn, minimum wage) is greater than 800-900K.

And the arithmetic does not work out - assuming normal distribution about the average bonus then : (176,900*$184,200)/884,000 = $36,865, which would be $17.72 per hour based on full-time work of 2080 hours.


#4

In 2016, 79.9 million workers age 16 and older in the United States were paid at hourly rates, representing 58.7 percent of all wage and salary workers. Among those paid by the hour, 701,000 workers earned exactly the prevailing federal minimum wage of $7.25 per hour.


#5

Boy if there was ever a “Wanted Poster for Economic Terrorists” these boys are sure to be on it.

It’s like Meyer Lansky, Pretty Boy Floyd, Machine Gun Kelly, Al Capone, Dutch Shultz, and Grand Theft Inc.

Goldman Sachs Chairman and CEO Lloyd Blankfein, JPMorgan Chase & Co Chairman and CEO Jamie Dimon, The Bank of New York Mellon CEO Robert P. Kelly, Bank of America CEO Ken Lewis and State Street Corporation CEO and Chairman Ronald Logue

Can we please put these A__HOLES in JAIL.


#6

I wonder, is there anyone left in this nation who thinks that the Federal Reserve is a federal agency?

When people DO WAKE UP to the sheer parasitic bloviation of this shit hole the financial “industry” and psychoses inherent to it, there will be a tsunami of change.

It is absolutely necessary, moving forward, that people educated themselves to the blockchain technology. It is being implemented at a rate commensurate with the chaos in the financial system. Please, please be very sure that you understand this technological premise.

MIT has a news letter updating on developments that was started a few months ago. Link to Chain Letter


#7

Historically speaking, wealth inequality was the top driver of violent revolutions … I used to say it hurts to say this, but how much poverty will our people put up with before another one becomes overdue, and looking at this, it really doesn’t hurt anymore … :rage: https://www.commondreams.org/views/2017/10/16/yes-half-americans-are-or-near-poverty-heres-more-evidence


#8

We had a chance but Obama and Holder blew it.


#9

It’s hard to get angry at $ figures. It is outrageous, but how to put it into perspective. I look at the Social Security report on wage income. Turns out half of all workers earned less than $30,533 (in 2016). Their average income was just under $13,000 a year, for half of all workers, a combined total of $1.04 trillion. Total income in the U.S. is about $16 trillion, so half earn 1/16th or about 6% of total income. That seems outrageous, but it is still not personal. The bonuses were about 13 times more than the average income of the lower-earning half. – Am I upset? Not really, It takes 13 workers to equal one bonus. Now I’m a little concerned. But I’m still confused. It’s too many numbers. Total U.S. workers was 163 million in 2016. The national incomes, says the BEA.gov, Table 2.1, is $16.2 trillion. So that is conveniently about $100,000 per worker. The lower-earning 13% earned only $2,086 per year on average. The Social Security Administration (https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2016) shows the lowest paid 8% of all workers had a combined income of $32 billion, which is about 14 million workers, and that is equal to the combined bonus income reported. It confuses me. There’s no easy way to put it. 14 million earn in a year what 177,000 earn in bonuses. That’s accurate. The lowest paid 13% of all workers, 22 million workers, earned about $2,000 a year, and their income equaled the bonus paid to financial workers, 177,000 of them. It’s too abstract. Where are the good paying jobs? In finance. Become a banker, stop cleaning houses. The real story is that 15% to 18% of all income that went to the lower-earning 90% now goes to the higher-earning 10%, says Olivier Giovanonni, at Univ. Texas, Inequality Project. That 18% shift equals about $2.7 trillion, or about $20,000 more income yearly for every one of the 138 million workers in the lower-earning 80%. That will end, almost, poverty. My blog, Economics Without Greed, http://benL8.blogspot.com. How to restore the former income ratio? Vote intelligently and change the labor laws, for one.


#10

They reward themselves in bad times too.


#11

It kind of makes a mockery of the concept of “merit pay,” doesn’t it? Especially when they do it with taxpayer bailout dollars…


#12

Too many lawyers is the problem. Have you ever heard of a poor lawyer? Or of a non lawyer controlled politician. Why was the surviving Tsarnaev brother not allowed to testify in his own self defense publicly after the Boston Marathon “bombing”? Boston sheltered in place while the brother they were looking for hid under a canoe type boat in a backyard while also carving an elaborate message on the underside of the boat. No evidence, no message, no accused defense, no nothing. It’s a secret, still is.


#13

Mealouts…
You forget…Only Congress can make laws or spend money…and they are the problem.
2010. Mitch McConnell:… Before Obama ever did a thing. “We Republicans remain resolute in our commitment to deny the Democrats anything that looks like an accomplishment."
‘‘It’s our only goal.’’
Obama had a filibuster proof congress for 90 days. After that, everything he tried to do was blocked.