Weitz Law Firm - 520 Kirkland Way, Ste 103 - Kirkland, WA - (425) 889-9300

Tuesday, October 12, 2010

Wall Street Pay at Record High


Who do these people think they are!!

Its amazing what accounting fraud can do for your employee compensation:

Weitz - I love the argument that banks need to have huge compensation to "keep the best people". Are these the same "best people" that would have put these banks out of business had the government not bailed them out?!

There are a HUGE amount of law students, and MBA grads that find themselves un-employed in this market...I can assure you they could do an equally good job of taking government money, and then investing in government bonds (A huge revenue machine for many of these institutions. They certainly aren't making money by lending. Perhaps its the huge amount of bankruptcies and foreclosures that are lifting profits??...I say that sarcastically of course. The reality is they are taking money from the federal reserve at close to 0%, and either 1) gambling in the markets or 2) lending it back to the govvernment at 3.5%.

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