Thursday, December 14, 2006
While most Americans face yet another holiday season with a certain amount of economic anxiety, champagne and caviar are flowing freely in the executive chambers of Wall Street.
It's boom times on the strip and people are partying like it's, well, 1929. Oh, oh!
Wall Street bankers are cashing in like never before as they find yet more ways to skim profits off of stock and other financial transactions.
It's truly been a banner year for The Street and its players. Consider just today's proclamation from the honchos at Goldman Sachs: They will award $16,000,000,000 in bonuses. That's enough 'mullah' to give every single resident of NYC a $2,000 check. It's expected that top executives could pocket upwards of $100,000,000 each.
Don't expect Juan, Maria or Jose to see any of that loot.
Question: I'm for honest capitalism, but aren't these people gouging the American investor, pension funds and ultimately the consumer? I mean, they're essentially middlemen taking increasingly hefty slices out of other people's assets. And they're allowed to do so because they give big money to politicians.
At a time of a growing gap between rich and poor, it is unseemly and bad public policy to allow a minute number of people to gorge off of fatter and fatter fees stripped largely from people's pension funds.
Posted by USTaino at 1:58 PM
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