Wall Street Has Fourth Most Profitable Year
Wall Street may earn $19 billion in 2010, its fourth-most profitable year, even as regulatory changes and a weakened economy limit its ability to generate profit, New York state’s comptroller said.
and
DiNapoli said Wall Street has nonetheless benefited from federal bailouts and low interest rates, and may see profitability settle near levels that prevailed prior to 2007 and 2008, when it lost $54 billion overall.
It sure was nice of us to bail them out, after they almost destroyed the US economy. And even though at least 10% of us are unemployed and struggling, and there’s opposition to further extending unemployment benefits that expire just before Christmas, here’s news that will make us feel all warm and fuzzy:
DiNapoli expects to provide his annual tally of Wall Street bonus payouts in early 2011. Overall Wall Street bonuses totaled $20.3 billion in 2009, up 17 percent from 2008.
According to the pay consultant Johnson Associates Inc, Wall Street workers may see individual bonuses rise an average 5 percent this year, though weak trading results may lead to declines for some employees.
Of course a more cynical person than I might call this …..greed. Someone like Jim Hightower:
By the laws of economics, if not physics, bonuses should fall to earth this year, because the bankers have performed poorly. Trading is down, profits are flat (despite being given trillions of dollars in almost-interest-free money by the feds), firms are firing lower-level employees, and banker greed has ruined the public reputations of the financial giants.
Who cares, shriek the big shots – its bonus time, baby, so grab all you can! The CEOs of Goldman Sachs, Citigroup, JPMorgan Chase and others have set aside billions of dollars to flood their executive suites with bonus cash at the end of the year – money that should go to shareholders. Their claim is: “We deserve it, for we took low pay during the crash of 2008-2009.” For example, Lloyd Blankfein, Goldman Sachs’ boss was paid a mere $9 million last year, so this year he wants that “sacrifice” to be made up to him.
Blankfein provides us with a perfect illustration for the phrase “having no shame.”
Tags: Wall Street
WHERE THE JOBS?
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excuse length I mad mad mad
clarence swinney
burlington nc
1945-1980–Great Middle Class Growth
1980–Today —Redistribution up and away
A. Reagan 60% Tax Cut on Top Rate
Stock Market increase–Rich own the stocks
10 Billionaires in 1980 and 51 in 1989
Great Stock Market Years in 1990′s.
In Clinton 8 Dow went from 3500 to 11,800
Many Millionaires created.
Many Billionaires. 403 in 2008 from 10 in 1980.
B.1999 Repeal of Glass Steagall
Created Big Banks too Big To Fail. Monopoly. Where a few own 80% all Bank Deposits
Ever hear of Anti-Trust??? Forget it! WSA owns Congress and White House
$$$$$$$$$$$$$ creates Power $$$$$$$$$$$$$$$$$$ Corrupts
C. 2000 Bill Deregulating Derivatives
Created new Casino Derivative Of America.
Rich rushed to get in on huge easy quick profits
How else can you get income of 4300 Million in one year!
Investments in Stocks fell. Decline in investments in new businesses, expand current businesses and create jobs.
Wall Street proponents as Kudlow Cavutro will rationalize lie cheat distort anything to disract.
PROOF is simple–
Dow was 11,720 at high in 2000. Now 11,100. Ten years ago. lower. Can you read. Lower after ten years.
Job creation from WSA investments in Stocks?
Velocity of money dropped. One on one gambling only two handle it.
In 8 of Bush, we got 31,000 net new jobs per month. Lowest since Hoover. Rationalize that one!!
Stock market value about 40,000B. Investments in derivatves world wide 600,000B.
That money came from Rich Rich. Middle Class cannot play at that gaming table.
D. Housing–A gift from die hard Conservative Greenspan. He gave Clinton 7 significant Interest hikes in campaign year of 1996 and again six significant hikes in 1999-2000. Effort to slow the economy?
WHY??Simple. Elect a Republican.
Clinton left with 6.5% Interest Rate which Greenspan cut to 1.5% for good old Bush.
In addition. good old Greenspan increased the Money Supply by twice as much in first five of Bush as in prior ten years,
He did not do same for Bush Sr. ?
The Huge Supply of Free Money left open doors for Greed by Big Banks. Mortgages. Any Mortgage. Give them to us.
We have a brand new technique. Bundle them.Sell as securities . The entire world knows that Homes always appreciate in value. So build big ones. Expensive ones. Oh! Average cost per Sq ft $50. To heck with that nonsense.
Get it to $100 plus per square ft. Quick.
Raise Fannie Limit to little old $700,000 for “low” income homes. So, they cannnot afford them, To heck you say lookie at increase in value of homes. Refinance that $500,00 load now valued at $700,000. Wow! Gloryland is near.
That fellows income is only $14,000 per year? What the heck give him that $700,000 mortgage. We can sell it True case..
We just mingle it with dozens others. Who cares. Get those fees.
Oh! Paulson wants to cherry pick bad ones? Why? Oh! He is going to place a Bet with AIG they will fail and make tens of milions profit. Can AIG afford to take such bets? Sho! Ever hear of Ponzi? AIG is taking bets for $4000 with $100 in the pocket. Will \they get their throat cut? No. Uncle Sam is big bodyguard.
Fraud? You bet. Lies? You bet. Cheat. You bet.
Who will tell the people?? President Obama too busy speaking to his “Choirs” each day. Feel Good Exercises.
Congress? Ho Ho Ho. Please do not make me laugh. Known as Home of Lobbyists.
Get public Option? No! Why not? Max Baucus got $1,900,000 in campaign funds from his pals on K street representing the Health Insurers. But, I thought that is our Congress! Dream on!
70% want the Public Option. Sho! $1,900,000 is a bundle. Tip of Iceberg Bundle,.
How Democrats could sleep in the face of such disasters confuses me.
Oh! They drove the car into the ditch. What a weak punchline. Show numbers.
31,000 jobs per month .Hear anyone say this? Unemployment . Wonder why? Needed 69,000 per month more just to cover new entries.
Stock market 11,720 to 11.100. Hear anyone claim this?
Took a surplus and Borrowed more in 8 years than we owed after 225 years. Hear it?
Increased spending by 92% a peace time record. Broke Reagan 80% record.
Left Obama a 1400B Deficit.
It is so sad Democrats would not take advantage of Disasters instead het wimped off while being attacked daily by right wing freaknuts with constant barrage of lies.
Ever hear a Demcrat say the Republican Congress increased Fannie Low Income Loan to $700,000 Max?
clarence swinney mad mad mad
olduglymeanhonest disgusted
political historian
lifeaholics of america
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Where can we find a Leader?
Tax rate to 50% on income over 1 million.
Corp pay 35% not 16%. Close loop o hole
Estate Tax hi over 3 million.
Close Casino Derivative Of America
.
It will be tough . Rich own us.
Media
Corporations
Banks
Congress
White House
I is mad mad mad.
How could we have allowed WSA Rich to shaft 120,000,000 workers?
Is America headed down hill fast?
Can anyone name one category where we are still number one?
Oh! Sucker Ranking!!!
clarence oldulgymeanhonest mad mad mad
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