Last Year’s Big Five Wall Street Bonuses
September 22, 2008 7:12 AM
As the Bush Administration asks for close to a trillion dollars to prevent a worldwide financial cataclysm, here are some numbers you might find interesting — courtesy of the ABC News Research Center and ABC News’ Barbara Paulson.
In 2007, Wall Street’s five biggest firms — Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley — paid a record $39 billion in bonuses to themselves.
That’s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid, even though the shareholders in those firms last year collectively lost about $74 billion in stock declines — their worst year since 2002.
If split equally among the approximately 186,000 workers at the former Big Five Houses, that bonus money means an average of $201,500 per person — more than four times the $48,201 median household income in the U.S. last year.
They should be tried for treason! Those rich fat-cats have been draining the markets for years. The common people in the US are sick to death of it! Yes, we better not dare help a poor person with our tax money. That would be Socialistic. Instead, our tax dollars needs to go to the rich. So, they can spend $440,000 on a weekend retreat. Republicans are all about welfare for the wealthy. Can you say Government cheese money for the rich? As Jackie Gleason said: “How Sweet It Is.”
Every “Repukelican” administration since Nixon has been crooked as a dog’s hind leg! Nixon was a crook who resigned. Then that bastard Ford pardoned him! Reagan started this whole deregulation pot of crap. The Home & Loan Savings bailout happened on his watch. Clinton, thank god left the country with a $122 billion budget surplus. Bush, his administration isn’t over yet. Look what that bastard done!
To be honest Ben, I’ll just be glad when the elections are over. 18 months is a long time to hear this crap. I would be happier with a very short election cycle about 3-4 months. Alas, I’m not king though.