The figures are truly staggering! Especially when seen in the context of the financial woes confronting the USA post the nadir of the GFC.
Robert Scheer, writing in The Nation, spells out how the large Wall St. financiers have done extremely well out of the GFC:
"They do have a license to steal. There is no other way to read Tuesday’s report from the New York state comptroller that bonuses for Wall Street financiers rose 17 percent to $20.3 billion in 2009. Of course that is less than the $32.9 billion for bonus rewards back in 2007, when those hotshots could still pretend that they were running sound businesses.
The economy is anything but sound, but you would hardly know that from looking at the balance sheets of the big investment banks. The broker-dealer firms on Wall Street made a record profit, estimated at greater than $55 billion by the comptroller, and the only thing holding back even more grotesque bonuses was concern over criticism from a public that was hardly doing as well.
The enormous rewards last year come not from their having righted the ship of finance by lowering the rate of mortgage foreclosures for ordinary folks, one of four who are now “underwater” on their loans. Consumer confidence this month is the lowest in 27 years, and unemployment is expected to hover near 10 percent for the next two years. No, they get bonuses because the Federal Reserve, backed by the Treasury, bought the toxic mortgage securitization packages that Wall Street banks were left holding. They, and they alone, were made whole."
Robert Scheer, writing in The Nation, spells out how the large Wall St. financiers have done extremely well out of the GFC:
"They do have a license to steal. There is no other way to read Tuesday’s report from the New York state comptroller that bonuses for Wall Street financiers rose 17 percent to $20.3 billion in 2009. Of course that is less than the $32.9 billion for bonus rewards back in 2007, when those hotshots could still pretend that they were running sound businesses.
The economy is anything but sound, but you would hardly know that from looking at the balance sheets of the big investment banks. The broker-dealer firms on Wall Street made a record profit, estimated at greater than $55 billion by the comptroller, and the only thing holding back even more grotesque bonuses was concern over criticism from a public that was hardly doing as well.
The enormous rewards last year come not from their having righted the ship of finance by lowering the rate of mortgage foreclosures for ordinary folks, one of four who are now “underwater” on their loans. Consumer confidence this month is the lowest in 27 years, and unemployment is expected to hover near 10 percent for the next two years. No, they get bonuses because the Federal Reserve, backed by the Treasury, bought the toxic mortgage securitization packages that Wall Street banks were left holding. They, and they alone, were made whole."
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