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

Thursday, February 3, 2011

Wall Street pay continues to soar

A great clip with Dylan Ratigan and Michael Lewis (author of Liar's Poker).

What can you say about this?...other than it stinks. The guys that caused the problem walk away as the big winners while the general public gets fleeced via a dollar collapse, tax payer abuse, and the continued fall of their real estate.

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The Highlights:

1) 2010 Pay up 5.7% to 135 Billion
2) Wall Street Revenue of $417 Billion – How? It’s obviously not from lending proceeds as lending as fallen off a cliff (see M3). Thus, it can only be 1) government handouts, and 2) trading profits (with taxpayer funds).

So I ask – what positive role do these institutions play in the economy? aside from giant leaches of capital? Anyone? Anyone?

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