02-03-2009, 12:07 AM
by: David Sirota
Mon Feb 02, 2009 at 12:00
Another snippet for the I sh*t You Not File: In the New York Times, a head hunter for banks defends the $18 billion in taxpayer-subsidized bonus payouts to Wall Street executives and traders by insisting that those executives and traders can't be expected to live on $150,000 to $180,000 a year - I sh*t you not:
"Without a doubt, $18 billion is a lot of money, but it's a drop in the bucket on Wall Street," said Gustavo Dolfino, president of the WhiteRock Group, a headhunter for the banks. "These bonuses are down, and the salaries are not enough for these people. They can't live on $150 to $180,000, so they haven't saved any money. They put it on credit lines and at bonus time, they thought they'd pay it off."
The median household income in the United States is about $49,000, according to the U.S. Census Bureau - and that's for full, multi-person households. But Wall Street would have believe that individual executives and traders "can't live on $150,000 to $180,000 a year," and so the same taxpayers whose median household income is $49,000 a year must subsidize their bonuses.
Welcome to the kleptocracy.
http://www.openleft.com/showDiary.do?diaryId=11291
Mon Feb 02, 2009 at 12:00
Another snippet for the I sh*t You Not File: In the New York Times, a head hunter for banks defends the $18 billion in taxpayer-subsidized bonus payouts to Wall Street executives and traders by insisting that those executives and traders can't be expected to live on $150,000 to $180,000 a year - I sh*t you not:
"Without a doubt, $18 billion is a lot of money, but it's a drop in the bucket on Wall Street," said Gustavo Dolfino, president of the WhiteRock Group, a headhunter for the banks. "These bonuses are down, and the salaries are not enough for these people. They can't live on $150 to $180,000, so they haven't saved any money. They put it on credit lines and at bonus time, they thought they'd pay it off."
The median household income in the United States is about $49,000, according to the U.S. Census Bureau - and that's for full, multi-person households. But Wall Street would have believe that individual executives and traders "can't live on $150,000 to $180,000 a year," and so the same taxpayers whose median household income is $49,000 a year must subsidize their bonuses.
Welcome to the kleptocracy.
http://www.openleft.com/showDiary.do?diaryId=11291
