In the midst of a severe economic crisis when millions of people are still reeling from job losses, home foreclosures, evictions, and cuts to education and social services, the traders and executives of the top 38 Wall Street banks received nearly $145 billion last year, following the biggest bank bailout in history.
The estimated combined pay of those executives came from a study by the Wall Street Journal. This record figure is up 6 percent from the previous record of $137 billion set in 2007. JP Morgan’s profits of $11.7 billion last year are almost double its $5.6 billion profit in 2008.
In order to curb the public outrage over executive bonuses, many banks are opting to pay in company stock instead of cash. But the fact remains, despite Obama’s “tough talk” against Wall Street abuses, banks used bailout money—our money—to acquire failed banks at bargain prices and post record profits, giving out giant bonuses while working people see no relief.
