Wall Street pay soars to record levels. But have you got a job yet?
Despite all the rhetoric of "our" political leaders the so-called regulation of the financial market so far has only been a lot of "hot air". Today major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year — a record high that shows compensation is rebounding despite the announced "regulatory scrutiny" of Wall Street’s pay culture. Workers at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges can expect to earn even more than they did the peak year of 2007, according to an analysis of securities filings for the first half of 2009 and revenue estimates through year-end by The Wall Street Journal. Total compensation and benefits at the publicly traded firms analyzed by the Journal are on track to increase 20% from last year’s $117 billion — and to top 2007’s $130 billion payout. This year, employees at the companies will earn an estimated $143,400 on average, up almost $2,000 from 2007 levels. An economic advocate noted: "the market might have rallied, but the public on Main street is not convinced the economy is getting better for them. Many people are becoming more and more convinced that this holiday season they will be spending far less on all kinds of unnecessary plastic and electronic junk (not produced in their own countries) for their families. Bottom line: "the stop gap" economic measures are not working for the public at large and if not drastically corrected very soon there will be a "class warfare", with the people taking control of the deteriorating situation".
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