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Article: Times are tough: Only $140B for Wall St. banksters.(News)
- Article from:
- The Boston Herald
- Article date:
- November 8, 2009
- Author:
CopyrightCOPYRIGHT 2009 Boston Herald. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: HOLLY SKLAR
Taxpayer bailouts saved Wall Street from choking on its own greed. Now, as the Wall Street Journal reports, "Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year - a record high."
Folks, $140 billion is more than the combined budgets of the U.S. departments of Commerce, Education, Energy, Housing and Urban Development, the National Science Foundation and the Environmental Protection Agency.
Typical workers, meanwhile, make less today adjusting for inflation than they did in the 1970s. Wall Street rewarded CEOs who cut employee wages and benefits and offshore manufacturing, ...