Thursday, November 05, 2009

Let the Good Times Roll

I just checked and my retirement savings is still about 30% of what it should be. Yes, it has improved in the last year but it still has a way to go. I doubt I am the only sucker out there in the same position but you can't say that about the poor, poor slobs on Wall Street who are expecting to see their income up by about 40% over last year. Yes, it's a big win for the boys on Wall Street after we taxpayers bailed them out of their self created mess to the tune of a trillion dollars or so.
Wall Street cash bonuses are set to increase by about 40 percent this year, the Wall Street Journal said citing a report by compensation consulting firm Johnson Associates.
In a report to be released later on Thursday, Johnson Associates projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities, the paper said.

The well connected folks at Goldman Sachs are expected to see bonuses averaging of $526,814 this year. This really rubs me the wrong way and this kind of excess is not acceptable... at all. Yeah, I am concerned about health care reform, environmental legislation, military spending and the black money holes in Afghanistan and Iraq but this 'in your face' coddling of the financial sector is rapidly gaining a very high profile in my discontent. These numbers have been rubbing salt in the wounds for way too long and my sense is that the Democrats will see this anger show itself at the polls next year if they don't get off their dead asses and do something about it.

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