Wall Street Still Pays $20 Billion in Bonuses

bloomberg.com — Five straight quarters of losses and a 70 percent slide in its stock this year haven't stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses. Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set aside about $13 billion for bonuses after three quarters, down 28 percent from a year ago. Even some employees at Lehman Brothers Holdings Inc., which declared the biggest bankruptcy in U.S. history last month, will get the same bonus they received a year ago. The worst financial crisis since the Great Depression, a $700 billion taxpayer bailout, public outcry over excessive pay and the demise of three of the biggest securities firms won't deter Wall Street from offering year-end rewards to employees on top of their salaries, compensation experts say.

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Cost of crash: $2,800,000,000,000

guardian.co.uk — Autumn's market mayhem has left the world's financial institutions nursing losses of $2.8 trillion, the Bank of England said today, as it called for fundamental reform of the global banking system to prevent a repeat of turmoil "arguably" unprecedented since the outbreak of the first world war. In its half-yearly health check of London, the Bank said tougher regulation and constraints on lending would be needed as policymakers sought to learn lessons from the mistakes that have led to a systemic crisis unfolding over the past 15 months.

//ga3.org/ct/ed20pgF1S4hz/



We the People

EUGENE JACKERI

tpmcafe.talkingpointsmemo.com — Unless we see ourselves — individually and collectively – as the engine for real societal reform – no matter how hard that may be to imagine given our developed habits of disengagement — our vote on election day is wasted.

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