Following my last post, “Good relations, but with regulation, needed with business,” there is the announcement today that Wall Street banks will pay $144 billion in salary and bonuses this year, a 4 percent increase from 2009. At the same time, the “Street” is expected to layoff workers in coming months; no doubt not the ones receiving bonuses. Someone commented it was a “public relations disaster” to can the work force while increasing bonuses. No kidding.
As many Wall Street observers have said over and over, these morons just don’t get it. To illustrate the bizarre nature of this whole situation, large Wall Street banks are reluctant to issue bonuses before the end of the year for those employees who will suffer should the Bush tax cuts expire on January 1. Poor babies. You can only push the average guy and gal so far, and many are nearing the end of their rope.
Read more here.