According to an analysis conducted by The Wall Street Journal, major U.S. banks and securities firms are on pace to pay their people $145 billion for 2009.
The Wall Street Journal Analysis shows that executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn nearly 18% more than they did in 2008 and slightly more than 2007.
NOTE: these record setting bonuses comes within a year of the government bailing out the financial system.
Just this past Monday, Jamie Dimon (JPMorgan Chase) defended the bank’s pay policy and stated, “I am a little tired of the constant vilification of these people over bonuses”.
Sounds like Mr. Dimon's feelings are hurt. You are a little tired of constant vilification! You and your “band of brothers” on Wall Street through collective greed and fiscal ineptitude gave our economy one of the greatest wedgies since the Great Depression.
Your industry is experiencing record bonuses while this country experiences soaring foreclosures, staggering U.S. debt levels and a record duration of unemployment currently at 29 weeks. In addition, 37.2 million Americans (1 in 8) received food stamps so cry us a river Mr. Dimon.
Well Mr. Dimon, on behalf of future generations, I too am a bit tired!