Job Losses on Wall Street: Progress at Last?
October 11, 2011
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I see a report today that some 10,000 Wall Street financial types could lose their jobs. I’m thinking that if enough of those greedy SOBS are out of work we might finally see some action to address unemployment. Maybe retrain these folks to push brooms or help out at soup kitchens.
Sadly that same report notes that average Wall Street compensation grew 16% in 2010 while salaries for the rest of the private sector workers were essentially flat. The average financial sector pay packet exceeded $360,000! That for people who produce nothing; they just take what little money you and I have left, move it around and charge us fees to do so… while using our tax dollars as collateral.