Pay at top Wall Street firms estimated at $145 billion in 2009

(9 am. – promoted by ek hornbeck)

Original article, by Andre Damon and subtitled As JP Morgan reports record compensation, via World Socialist Web Site:

The Wall Street Journal published an estimate Thursday that total pay at the largest Wall Street firms reached $145 billion last year. The Journal’s figure, based on preliminary figures, is more than any other year in history.

It’s good to know that the bankster frauds are looking after their own. In less enlightened times there’d be riots in the streets and bankster frauds covered with tar and feathers. Thank the Gods we’re much more serious now.

JP Morgan strengthened this prognosis Friday by announcing that it paid its employees $9.3 billion in 2009, 18 percent more than in 2008. The figure sets a new record for the bank, up from $7.9 billion in 2007 and $8.1 billion in 2006.

If they’re so profitable, maybe it’s time they start making payments on the toxic debt the government holds. I know they don’t have to, but it would be a nice gesture. After all, it is debt that they created.

The high payouts came with an upsurge in profitability. JP Morgan said its fourth-quarter profits reached $3.3 billion, more than quadrupling over the same period a year ago, when the bank earned $702 million. Year-on-year profits nearly doubled, hitting $11.7 billion for 2009, up from $5.6 billion in 2008.

Give me billions of dollars in TARP money and I’ll probably be showing a profit, also. The bankster frauds have played us, and we’ve fallen for it. It’s simple really: They think we’re a bunch of rubes, and we’ve acted like it. Yay, us, I suppose.

I’ll let you read the rest of the article. Keep in mind that the lead rube is the President, and that his words of ‘anger’ toward the bankster frauds are hollow. If he were truly angry at the bankster fraud crowd, he’d act by first cleaning out the foxes from the henhouse. As long as the banksters are in charge of the economy, any unkind words from Obama are just that, unkind words.

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